Doha Bank has signed a memorandum of cooperation with Banco Nacional De Comercio Exterior SNC –Mexico (Bancomext), which will provide a “general framework for future cooperation” between the two.
The memorandum was signed during the Qatar Mexico Business Forum organised by the Qatar Chamber and ProMexico during the recent visit of Mexican President Enrique Pena Nieto. The memorandum was signed for Doha Bank by Dr R Seetharaman, chief executive officer and for Bancomext by Alejandro Diaz De Leon Carrillo, director general/CEO.
Senior government officials from both sides and executives of the banks were among those who attended the function.
The terms of the memorandum provide both parties to cooperate on best effort basis to develop business and support the trade finance transaction between the two countries. The memorandum also provides for joint working in the area of financial institution business such as letter of guarantees, risk participation within each party’s internal framework, regulations/bye laws.
Trade between Qatar and Mexico has increased substantially in the recent years. Major exports from Mexico to Qatar include cars and vehicle parts, consumer electronics such as televisions, mobile phones and LCD displays, in addition to oil and oil-derived products, silver, perishables and pharmaceuticals. Qatar’s exports to Mexico include gaseous hydrocarbons, raw aluminium, fertilisers and chemicals and other petroleum products.
In 2014 Kuwait, Qatar, Saudi Arabia and UAE accounted for 80% of all Mexican exports to the Middle East.