Irish exporters have said last week's trade mission to the Saudi Arabia and the United Arab Emirates was a major success.
John Whelan, CEO of the Irish Exporters' Association said: "The Gulf states, particularly the core markets of Saudi Arabia and the UAE, are currently one of Ireland's fastest growing export markets, with exports to the region of €670 million, an increase of 29 per cent approximately on the prior year.
"This put the Gulf states as the 20th largest market for Irish exporters. However, there is potential for even faster growth to the Gulf states, who currently are the EU's sixth largest export market accounting for around €40 billion export sales."
The Irish Exporters' Association said it was particularly significant that last week, the EU had completed trade talks that should lead to a free trade area being created with the Gulf states of Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.
"The Irish trade mission led by Taoiseach Bertie Ahern could not have been better timed. It enabled Irish exporters and the state promotion bodies for industrial goods and services, food and fish, to put Irish goods and services first in line in the further opening up of his lucrative market.
"The recent liberalisation in the Gulf region of the telecoms, banking, insurance, and education markets has enabled good progress to be made in these sectors during the recent trade mission with software companies providing products in these areas particular benefiting," Mr Whelan said.