Mexico’s Deputy Finance Minister sits with Doha News to talk about the heightened relations between his country and Qatar.

Mexico’s Deputy Finance Minister, Gabriel Yorio González, wants to ‘learn from Qatar’s experience’ in hosting the World Cup and boosting cooperation in developing financial sectors.

“We’re here to learn from your experience in hosting the World Cup,” the official said during an exclusive sit-down interview with Doha News.

“It’s very exciting for us to participate and to expect how the World Cup is going to go, and we are here also to learn. So, we’re here in Qatar trying to learn how you manage successfully to receive here, to host the World Cup in your [Doha] city.”

The Deputy Finance Minister further acknowledged the need for extensive logistical and financial arrangements in order to facilitate the event, particularly in areas of tax structures.

“This is the first time that we’re going to share it with three countries. So that needs a lot of coordination among the North American bloc,” he stated.

Strengthen bilateral relations

González landed in Qatar for two days in an effort to strengthen bilateral relationships between his country and the Gulf nation while also looking for investment opportunities that could lead Mexico up the trade ladder in the region.

He stated that both countries share cultural and common objectives, outlining the South American country’s ‘future plan’ to secure its business name in the region.

There is a lot of potential for increased cooperation between the two countries in commerce, financial services, and logistics tied to hosting global sporting events, the minister explained.

On a broader economic front, González highlighted the ongoing efforts to increase connectivity for tourism in the Yucatan Peninsula and boost investments in energy, in order to facilitate trade within the region.

He further emphasised the importance of enhancing infrastructure to encourage private-sector participation.

“We think that to the extent that we finish these projects, there will be several opportunities for private investment and also for financial services,” the minister said.

Yorio González specifically pointed out the potential for real estate development, with plans to construct ten industrial parks, which he believes could attract significant private firm interest.

‘Deepening economic relations’

The Deputy Finance Minister also pointed to the shared goals of deepening economic and financial sectors between Qatar and Mexico, noting his recent meetings with the Qatar Investment Authority.

He observed that while diplomatic relations between the two nations are strong, they are not adequately reflected in their trade flows, highlighting the need for increased bilateral commerce.

Mexico’s participation in the upcoming Qatar Expo 2023, according to Yorio González, represents a significant opportunity to further expand trade relations.

“We will be very happy to explore more options to increase our trade among the two nations,” he told Doha News.

Despite the Gulf Cooperation Council (GCC) countries, including Qatar, being indirect investors in Mexico, the minister sees the potential for more direct investment. He emphasised South America’s efforts in liberalising its financial sector and the desire to establish a financial hub that could benefit the region.

“This is my first time in Qatar. I have never been here before […] we have a lot of similarities, cultural similarities, but also common objectives,” Yorio González told Doha News, stressing the synergy between the two nations.

Envisioning a future with increased trade and investment among the two countries, the official encouraged Mexican and Qatari firms to explore potential opportunities in each other’s markets.

He also invited Qatari firms to invest in the Mexican market, vowing a warm reception, encapsulating his vision of an increasingly integrated relationship between the two countries.