Al-Mahmoud and Ki-sub Nam shake hands after signing the agreement

Qatar Islamic Bank (QIB) has entered into agreement with the Export-Import Bank of Korea (KEXIM) to facilitate the growing trade and investment flows between Qatar and South Korea.
A Memorandum of Understanding (MoU) was signed by QIB managing director Abdullatif bin Abdulla aI-Mahmoud and KEXIM executive director and board member Ki-sub Nam.
The agreement aims to provide companies in both countries with competitive advantage through the mutual exchange of information and project co-operation, especially in sectors such as oil and gas, petrochemicals, infrastructure developments, renewable energy and transportation.
It would help support and finance the significant trade flows of capital and goods between the two countries, and underlined the importance of Qatar as a trade partner for Korea, and vice-versa, a QIB spokesman said.
In addition to the exchange of relevant information, both QIB and KEXIM would seek to propose appropriate individual projects in which the two parties might most effectively use their respective resources for mutual benefit. Further, both parties have also agreed to consider accepting trainees or secondment of staff.
“We are excited about this agreement because of the benefits it will bring to QIB, its customers and to Qatar as a whole in opening up new projects and investment opportunities… Opportunities exist in both countries and by working together to help domestic and international companies in Qatar and South Korea, we can boost the strategic business partnership between the two countries,” al-Mahmoud said.
With Qatari banks emerging as important sources of financing for large-scale projects, KEXIM recognise the need for stronger collaboration with financial institutions in Qatar, Ki-sub Nam said.
“I am confident that this MoU will accelerate co-operation between KEXIM and QIB and we hope to explore new areas of co-operation, including co-financing and information exchange, in the years to come,” he added.

 

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