Posted on January 23, 2016

Doha Bank has signed a memorandum of cooperation with Banco Nacional De Comercio Exterior SNC –Mexico (Bancomext)- Mexico on 21st January 2016 at Doha, Qatar. The purpose of the memorandum is to provide a general framework for future cooperation between the two banks. 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 provide for joint working in the area of Financial institutions business like letter of guarantees, risk participation within each party’s internal framework, regulations/bye laws.

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The bilateral trade between Qatar and Mexico has increased substantially in the recent years. The 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. On the other hand, Qatar exports to Mexico include gaseous hydrocarbons, raw aluminum, fertilisers and chemicals and other petroleum products. Also in 2014 Kuwait, Qatar, Saudi Arabia and UAE represented 80% of all Mexican exports to the Middle east.

The memorandum was signed during the Qatar Mexico Business Forum organized by Qatar Chamber of Commerce and ProMexico during the visit of H.E Enrique Pena Nieto, President of Mexico. From Doha Bank side the memorandum was signed by Dr. R. Seetharaman- CEO Doha Bank and was counter signed by Mr. Alejandro Diaz De Leon Carrillo, Director General/CEO of Bancomext in the midst of senior functionaries and Government officials from both the State of Qatar and Republic of Mexico.