The CEO of the Arab Irish Chamber of Commerce (AICC) is urging Irish businesses battling the uncertainty of “what’s next” during the Trump administration to consider expanding their trade strategy to the Arab world – or risk being left behind.
AICC CEO Ahmad Younis urged Irish businesses to look to the East on the back of US President Donald Trump’s announcement to tax imports of steel and aluminium by 25 percent. Mr. Younis said the US policy overhaul could well be the start of a range of tariffs on EU imports, advising businesses to give serious consideration to reassessing their trade strategy.
Mr Younis said: “The Arab world already imports more than 85 per cent of its food supply, much of it from Ireland. Its reliance on imports is enormous, and the opportunities for Irish companies to forge new business alliances in countries like Saudi Arabia, the UAE, and Morocco are significant.
“Ireland relies heavily on US corporations in the tech and pharmaceutical sectors, yet diversification has been slow,” he added. “To safeguard our economic future, we should expand our trade horizons beyond the USA and capitalise on emerging markets with high growth potential.”
Island of Innovation
In 2023, the US imported $54 billion worth of Irish goods, accounting for 28 per cent of all Irish exports. Of that, $36 billion was in pharmaceuticals and chemicals, underscoring Ireland’s expertise but also our economic vulnerability.
Mr Younis believes Ireland should now capitalise on opportunities in the Arab world, a market of 22 countries and 470 million people: “We’re the island of innovation for good reason – and our expertise and commitment to quality in the medical production field is just one example,” he said.
The Middle East and North Africa (MENA) pharma market, valued at $24 billion in 2023, is projected to grow to $32 billion by 2027, fuelled by rising populations, technological advancements, and increased healthcare investments.
Success Stories
Irish agri-food businesses are also benefitting from growing ties with the Arab region and are making their mark, says Mr Younis, citing Keogh’s Crisps and Monaghan’s Silverhill Duck as major success stories.
“It’s so common now to see Irish products like butter, chocolates and meats on the shelves of Dubai supermarkets,” said Mr Younis. “We have a very strong presence in multiple markets across the Middle East and Gulf -– but there’s just so much potential for further growth.”
Despite the geopolitical unrest, Irish exports to the Arab region grew six per cent in the first quarter of 2024 to €731 million and totalled €2 billion in the first nine months. Highlights from January to September 2024 included:
— United Arab Emirates (UAE): Exports grew by 7 per cent year-on-year to €532.9 million, driven by demand for transport equipment, power-generating machinery, and medical and pharmaceutical goods.
— Morocco: Trade surged by 38 per cent to €138.7 million, with a strong performance in power-generating machinery, chemical materials, and dairy and bird eggs.
— Egypt: Exports from January to September were valued at €163M to this region. The main goods exported were pulp & wastepaper, dairy products & bird eggs, as well as fruits and vegetables.
“This success isn’t a one-off,” said Younis. “The resilience of key markets like the UAE and Morocco demonstrates the opportunities available for Irish businesses that are willing to adapt and engage with the region.”
The AICC has been supporting Irish trade with the east for more than 35 years – and as an Arab living in Ireland for almost 40 years, Mr. Younis says there are more similarities than differences.
“I have seen how well-received and respected Irish businesses are in the Middle East and Gulf, and I can see many similarities between the two cultures, which certainly helps when it comes to doing business,” Mr Younis concluded.
