Business leaders urge Mexico to spur more Chinese investment to boost economy

Sep 15, 2020

Business
Business leaders urge Mexico to spur more Chinese investment to boost economy

Mexico City (Mexico), September 15: Mexico needs to spur more Chinese investment to reactivate economy, business leaders said Monday during an online conference titled "Preparing your company to attract investment from China."
Jose Manuel Lopez, president of the Confederation of National Chambers of Commerce, Services and Tourism, said Mexico should turn the COVID-19 health crisis into advantages by attracting more investment from China to cushion the steep drop in economic activities.
Mexico's economy, the second largest in Latin America after Brazil, could shrink by as much as 10.5 percent in 2020 due to the COVID-19 pandemic, according to the International Monetary Fund.
Mexico is facing an opportunity to cooperate with China "to increase international trade, attract greater investment, and achieve the growth that the country demands (by) being more competitive in the market," said Lopez, stressing now is the right time for Mexico to diversify trade beyond its traditional trading partners.
China not only accounts for a considerable amount of foreign direct investment around the world, but also has a prominent global infrastructure plan as part of its Belt and Road Initiative, he noted.
"Today, faced with a series of events impacting the world, Mexico has the historic opportunity to turn things around and open new international markets," he added.
Amapola Grijalva, president of the Mexico-China Chamber of Commerce and Technology, noted at the conference that Chinese companies have encountered great opportunities in Mexico, in such sectors as auto parts, electricity, green energy, electronics and telecommunications, as well as in mining, oil and gas.
Meanwhile, Mexican businesses need to enter the Asian market more effectively and improve their competitiveness there, Grijalva said.
"What we are waiting for today is to have the conditions to reactivate our economy ... to think of Mexico as a very important player that could have a better future outlook," she added.
Source: Xinhua News Agency