Exports to Arab states hit an all-time high between January and the end of September last year.
In total €2.2bn of goods and services were sent to Arab countries over the nine-month period, up 23% on the same period last year.
Algeria, Bahrain, Egypt, Oman, Qatar, Saudi Arabia, the UAE and Yemen were among the states which received higher levels of Irish imports.
“The Arab World represents a diverse and rapidly growing market for Irish businesses, so the opportunities really are endless,” said Ahmad Younis, chief executive of the Irish Arab Chamber of Commerce.
“Demand for imports has increased, and, coupled with multiple large-scale investment and recent infrastructure improvements, it’s a market brimming with potential for Irish SMEs.”
There are 21 countries in the region which collectively have a population of 444 million and this is set to rise by to 500 million by 2028.
Together the states make up 3.1% of the world’s economy, creating plenty of opportunity for Irish firms.
“The international reputation for Irish products is strong,” Mr Younis said.
“Irish agricultural produce is regarded as of a high quality, with a strong organic component. For technology, and pharmaceutical products, Ireland is recognised as a highly regulated and high-quality production environment.”
The chamber said that the Department of Foreign Affairs is also working to assist with the development of business opportunities in the region.
The Middle East has been named a priority market under the Government’s Trade and Investment Strategy.
As a result more personnel have been put on the ground in new embassies and staff from Enterprise Ireland, the IDA and Bord Bia.
“Connectivity is an important driver of trade in goods and services, particularly tourism in both directions,” adds Mr Power.
“Four Arab airlines are now flying into Ireland, and the demand for more flights is strong.”
