Paradox Omega Oil Ltd in Belfast has secured a contract worth £4million in Iraq following its participation with Invest Northern Ireland at this year’s Arab Health exhibition in Dubai.
The contract will see Paradox supply its range of Omega oil products to one of Iraq’s biggest healthcare businesses, Modern Drug Industries (MDI) in Baghdad. The contract will develop business with pharmacies and other healthcare operations throughout Iraq for Paradox’s high quality Omega oil products.
The initial five-year deal was announced by Dr Geoff Hayhurst, Managing Director of Paradox Omega Oils Ltd, and welcomed by Dr Vicky Kell, Invest NI Trade Director.
Dr Kell said: “It’s hugely encouraging to see one of our smaller companies making an impact on potentially one of the most significant markets in the Middle East. This ambitious and very progressive company has used our regular participation at Arab Health to identify and line up the right partner and then support him in marketing the products throughout what is now a very dynamic region.
“The key to success in the Middle East, indeed in all export markets, is to find an experienced and committed partner who will devote the time and energy to developing contacts and business on mutually acceptable terms. Success results when companies follow up leads in export markets quickly and effectively, as Paradox has done.”
Dr Hayhurst said: “We’ve found Arab Health to be immensely important to us over the past few years. It helped us to find a very experienced partner in the region with a huge network of high quality contacts. To have products developed in Belfast available to consumers in Baghdad, Beirut and Benghazi is extremely satisfying and to have someone on the ground there is key to that success.
“There’s significant business potential there for our products because the healthcare climate in Iraq is dynamic and fast developing with the government focusing on extensive investment in measures to improve health care and nutrition in the population right across this emerging nation.
“We’ve been immensely impressed by the enthusiasm being shown about our products by MDI and their ability to distribute and market them. The first shipment worth almost £200,000 landed in Baghdad last month and initial sales of all the Paradox branded products have been excellent as people in Iraq are keen to invest in quality manufactured goods. Payment for the products also followed quickly and we have had no issues whatsoever with importing into Iraq,” he added.