DOHA: Qatar and Mexico are working hard to expand and deepen trade, business and economic cooperation in most promising areas of the two economies.
As part of efforts to boost bilateral ties, the first meeting of the Qatar-Mexico Business Committee will be held in October this year, said a senior official at the Mexican embassy in Qatar.
“A business delegation of 15-20 Mexican companies representing various sectors, including food, agriculture, IT and infrastructure is expected to visit Qatar in October,” Juan Cepeda (pictured), Director of ProMexico (Middle East), the trade and investment promotion arm of the Ministry of Economy told The Peninsula.
Cepeda added: “The main goal of the business mission will be exploring and discussing business and investment opportunities, match-making and forming joint ventures.”
The Mexican side, according to Cepeda, is working in close cooperation with the Qatar’s Ministry of Economy and Commerce and Qatar Chamber to establish a Qatar-Mexico Business Committee, which will include representation from Mexican companies already having business operations in Qatar.
The trade and economic cooperation between Qatar and Mexico has witnessed significant growth over the last couple of years.
Several Mexican companies are planning to establish businesses in Qatar to make Doha as the regional hub of their rapidly growing and expanding operations in the Middle East, while many others are looking forward to set up factories and manufacturing units in the country to serve Qatar as well as the other overseas markets from Doha.
Some of the leading Qatari companies which are investing or exploring investment opportunities in the North American country include Qatar Petroleum (QP), Qatar Investment Authority (through its subsidiaries), Qatar Tourism Authority, Hassad Food and many private firms.
QP, which has won exploration rights in 5 offshore blocks in Mexico becoming the first energy company from the GCC to invest in Mexico, is expected to establish an office in Mexico within a couple of months, said Cepeda.
Among the Mexican companies which are in the process of investing in Qatar include an IT company which is has already selected a local firm to establish a Joint Venture in Qatar.
There is another Mexican firm which is planning to invest $5m (over QR18m) to set up a food processing facility in Qatar. The food-tech company, which is already exporting tinned fish and other food products to Qatar, is collaborating with Hassad Food to invest in aquaculture and expand its operations.
The Joint Venture is expected to be established within this year. According to Cepeda major exports from Mexico to Qatar include heavy vehicles, cars, refrigerators, engineering equipment, food products such as fresh beef and agro products, while Qatar’s exports to Mexico are LNG, aluminium and other items.
The trade exchange between Qatar-Mexico is close to QR700m, which is set to grow fast.
“The South Korean automobile giant Kia Motors has already started exporting Mexico manufactured cars to Qatar, and other countries of the GCC and Levant region. The bilateral trade volume between Qatar and Mexico is expected to witness steady and consistent growth in the coming years,” said Cepeda.
Dunn Lightweight Architecture, a subsidiary of the Mexican company Dunn Arquitectura Ligera SA de CV, which has won two bids for the construction of roof and façade of Lusail and Al Rayyan stadiums being developed for the 2022 FIFA World Cup, is also looking forward to setup a factory to manufacture some of the products in Qatar.
