Goody, a leading Saudi food company and part of the Basamh Trading and Industries Group, announced that it will expand into the Iraqi market, emerging as the first Saudi company to conduct food trade activities in Iraq since 1990.
The Jeddah-based company said it will not only sell its products in Iraq, but will also customize some of its products to suit the Iraqi market and its tastes. An agreement to this effect was signed in Jeddah on April 10, 2018 between Goody and the Iraqi National Company, a leader in distributing and marketing food products. Senior Management of the two companies as well as the representatives of Saudi Exports Authority and the media attended the signing, held under the theme "One Family Brought Together on a Dining Table."
Goody, provides more than 200 high quality food products, is expanding into countries throughout the Middle East and Africa. With its wide variety of products and food solutions aimed to empower its consumers, the company helps housewives create innovative meals for their families.
Commenting on the agreement, Khalid Temairik, Basamh CEO said: "We are delighted to be the first Saudi company to conduct food trade in Iraq as part of the new commercial relations between the two countries. There are approximately 38 million potential consumers in the Iraqi market, where 50% of their income is spent on food. In 5 years, we are aiming to obtain a share equal to half of our Saudi business. We are honoured to work with the Iraqi National Company, and we look forward to reaping the fruits of our cooperation in the near future."
For his part, Dr Abdulmotalib Alathari, Iraqi National Company CEO and Managing Partner, said: "We were honoured today by signing the partnership with Goody Basmah to distribute the company's products in Iraq. This is a historic day in developing trade relations between our two countries. As one of the largest distributors and marketers of food products in Iraq, we will use our advanced capabilities and do everything in our power to bring the family together on a dining table featuring delicious foods produced by Goody. We thank Goody for giving us this opportunity and we look forward to a productive cooperation between our two companies."
Goody was one of the top 60 Saudi companies that took part in the 44th edition of Baghdad International Exhibition in October 2017 as part of the new economic and political openness between the two countries. The Saudi participating companies were greatly welcomed by the Iraqi authorities, and Iraqi consumers showed a great deal of interest in Saudi products.
Saudi Exports Development Authority Advisor to the Secretary General, Mr Omar Rajeh said: "This commercial cooperation with Iraq and with our expansion into the Iraqi market is part of our initiatives to develop export opportunities based on the National Transformation Program 2020 and the Kingdom's Vision 2030. We in the Saudi Exports Development Authority will continue to use our capabilities to improve the export environment and develop our non-oil export capacities and increase the competitiveness of Saudi products. We hope to see further economic cooperation between Saudi Arabia and Iraq, and we look forward to seeing more Saudi companies operating in Iraq in the near future."
Rated by Al Watan as one of the Top Saudi Companies in 2016, Goody plans to launch the following products in the Iraqi market in the first stage: Pasta, Date Spread, Iced Cofique, Pasta Sauces, Burger Sauce, Tuna and Canned Food.