“Mexico is the fourth largest trading partner for India from Latin America with a bilateral trade volume of $6.1 billion per annum. India is the biggest exporter of automobiles and auto components and India’s export to Mexico is over USD 3.7 bn. But there is tremendous scope for Mexico to become the leading trade partner of India in Latin America as both countries have huge potential for collaboration in automobiles, auto components, pharmaceuticals, information technology, infrastructure, renewable energy and downstream sectors of petroleum products,” said Rodrigo Blanco, Director, Trade and Investment Promotion Agency ProMexico at an interactive meeting with the World Trade Centre Mumbai.
Mexico offers ample opportunities for investments as the rules and regulations in this country are more favourable for investors, Blanco added by informing that investment from India to Mexico is over USD 3 billion and from Mexico to India is USD 800 million. There are various sectors which are unexplored and there are tremendous opportunities for investment in Mexico and Mexico can be used as a HUB for exports to other Latin American countries from here.
Esteban Puente Bustindui, Commercial Director of World Trade Centre, San Luis Potosi, Mexico, speaking on the occasion, said that India is the largest exporter of automobile and auto-components, electrical goods and also textile, pharmaceutical and other products to Mexico and there is great opportunity for investment by Indian companies there. Already, Indian companies such as J.K. Tyres, TCS, Motherson Group, Rane Group have presence in Mexico and more Indian companies are expected to invest.
Earlier in his welcome remarks, Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai said, “India and Mexico enjoy excellent trade relationship and there is tremendous opportunity for commercial collaboration in various unexplored sectors between both the countries. Especially, Industries which consume more power can enjoy energy at cheaper rates and other benefits by setting up plants in Mexico. There is huge potential for trade and investment in various sectors between both the countries, but far-off distance and freight between both the countries are the hindrances, but setting up of manufacturing plant in Mexico for export to other Latin American countries and even to USA can be explored.”