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China to invest $80 billion in Mexico

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Staff writer ▼ | June 7, 2013
The governments of Mexico and China signed a series of agreements relating to energy, tourism, trade and investments.
Mexico China
Mexico ChinaThe governments of Mexico and China signed a series of agreements relating to energy, tourism, trade and investments.


China promised to invest up to $80 billion in Mexico between 2013 and 2018 in the realms of communications and transport infrastructure. The Asian nation would be interested in participating in projects such as the construction of high speed rail systems, mainly in Queretaro and Toluca, that would eventually connect them with Mexico City.

In addition, the agreements establish the creation of a high-level business group that will encourage bi-national dialogue and investment for both countries. Mexico will also create a special unit within the Ministry of Economy, whose mission will be to specifically strengthen economic exchange with China.

Among the agreements is a memorandum on energy cooperation signed by the heads of the Mexican Energy Secretariat and the National Commission for Development and Reform of the People's Republic of China. The agreement also creates and strengthens the China Business Committee Latin America, with Mexico as one of the main representatives.

The agreement also determined that the Mexican company Altos Hornos will export steel to the Asia-Pacific through Salina Cruz, Oaxaca, for which the platform will be reconfigured to meet transporting these goods.

In addition, China has lifted the barriers for Mexican products such as pork, tequila and other goods in the food sector. The Asian nation also established that they will push forward with purchases of $1 billion in Mexican products. Xi Jinping described Mexico as China's "good friend" in Latin America.

Mexico and China also opened the Unjamming agreements that had been frozen for nearly a decade, which relate to the textile, clothing, footwear and food sectors.


 

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