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Saudi Medical Industry Seeks African Market

Saudi Export Development Authority (SEDA) logo
Saudi Export Development Authority (SEDA) logo
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Saudi Medical Industry Seeks African Market

Saudi Export Development Authority (SEDA) logo
Saudi Export Development Authority (SEDA) logo

The Saudi Export Development Authority (SEDA) wants to promote the medical and health industries in the Kingdom, this time, through an African Conformity Conference.

SEDA announced its participation in a trade mission consisting of 15 Saudi companies specialized in pharmaceutical industries and medical devices at the annual African Business Forum held in the Senegalese capital, Dakar, which concluded on Friday.

The Forum is considered one of the most prominent trade events in Africa specialized in the field of medical equipment and pharmaceuticals.

The Saudi participation in the forum comes within SEDA’s keenness to open new international markets for the Saudi product and organize direct business meetings with importers around the world.

The Authority stressed that the growing interest in African markets for pharmaceutical products and medical devices is in line with the competitive advantage gained by the pharmaceutical industry in Saudi Arabia.

It noted that the Saudi medical industry reached over 65 countries around the world with an export volume of $426.6 million in 2018, and a total of $2.2 billion over the last five years.

During the Forum, 15 Saudi companies showcased their pharmaceutical and medical products to delegations and trade missions from 13 African and Arab countries such as Tunisia, Mali, Cote d'Ivoire, Senegal, Mauritania, Nigeria and other countries with promising commercial markets.

SEDA increased its participation in conferences and major economic and trade events around the world as one of the innovative solutions to promote the quality of the national product and the development of human competencies in the field of export.

The Saudi Exports Development Authority is an independent national authority that seeks to develop Saudi non-oil exports. The Authority hopes to do this by achieving three strategic themes in the Saudi export ecosystem including enhance SME export readiness, generate opportunities for export-ready businesses, and advocate ecosystem efficiency and international market access.

The Authority also provides incentives to exporters and facilitates opportunities and markets appropriate for enterprises. It also facilitates linking exporters with buyers and potential partners to contribute to Vision 2030 targets related to raising non-oil exports from 16 percent to 50 percent of GDP.

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Saudi-Yemeni Business Council Looks Forward to Contributing to Reconstruction

The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
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Saudi-Yemeni Business Council Looks Forward to Contributing to Reconstruction

The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat

The Saudi-Yemeni Business Council is leading the initiative "Saudi Vision and Yemeni Development 2030," which aims to enhance economic ties between Saudi Arabia and Yemen by developing border crossings, establishing economic zones, and creating smart food cities. This contributes to facilitating the movement of goods and people, as well as increasing the volume of trade.

Official data indicates that the trade exchange between Saudi Arabia and Yemen reached approximately 6.3 billion riyals (1.6 billion dollars) in 2023, with Saudi exports accounting for the largest share. Despite this, Yemeni imports are still below the available potential, particularly in the agriculture, fisheries, and mining sectors.

The main projects of this initiative, which is led by the council under chairman of the Saudi-Yemeni Business Council Dr. Abdullah bin Mahfouz, include "the establishment of joint economic zones, development of infrastructure and logistics services, and strengthening investment in the agricultural and renewable energy sectors."

The project also involves creating advanced laboratories for testing livestock, fruits, and vegetables, contributing to improving the quality of goods and increasing Yemen's agricultural and livestock exports to Saudi Arabia.

These efforts aim to enhance food security for Saudi Arabia and achieve economic growth for Yemen.

As part of the future plans to enhance economic partnership, an exhibition titled "Reconstruction and Development of Yemen" will be held in Riyadh next year. This exhibition aims to attract investors from various sectors and strengthen partnerships between Saudi and Yemeni companies.

"Yemeni investments in Saudi Arabia have witnessed significant growth, reaching approximately 18 billion riyals (4.8 billion dollars) by the end of 2023, ranking 13th in terms of investment volume."

These investments focus on wholesale and retail trade, particularly in food products, clothing, and household goods, as well as in sectors such as construction, manufacturing, and logistics services.

Bin Mahfouz explained that "this investment expansion is due to the support provided by the Saudi government to Yemeni investors through streamlining licensing procedures, offering investment incentives, and ensuring a stable investment environment. These factors have contributed to attracting Yemeni capital to Saudi Arabia, while enhancing investors' benefits from available economic opportunities."

Despite the noticeable progress, Yemeni investments face significant challenges. According to bin Mahfouz, the main challenges include "the instability of the Yemeni local currency, the banking restrictions that hinder money transfers, the weak infrastructure in Yemen, and the ongoing armed conflicts that increase investment risks."

He said that the council’s future plans focus on promising projects, including the cultivation of agricultural land in Yemen, the establishment of packaging centers for agricultural products and fishery resources, in addition to developing livestock projects.

Bin Mahfouz emphasized that Yemen is considered a key market for Saudi Arabia in providing agricultural and livestock products that have comparative advantages over similar goods from other countries. According to economic data from 2022, animal production ranks second after agricultural production in terms of its contribution to Yemen's total GDP, accounting for more than 20 percent.