H.E. Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry, called upon Dubai businesses to benefit from the Chamber’s initiative of exploring promising markets of the world, urging them to explore Mexico’s potential for stronger bilateral cooperation despite the challenge of distance as the country is one of the world’s most important emerging economies.
Focusing on the lucrative investment opportunities in Mexico’s trade, tourism, construction and real estate sectors, the President and CEO of Dubai Chamber said that Dubai companies can use their experience in these areas and benefit from the country’s strong growth potential.
H.E. Buamim was speaking at the first Country Focus Briefing of the year organised by Dubai Chamber in association with Embassy of Mexico, ProMexico and the Economist Intelligence Unit at the Chamber premises on Tuesday, as part of the Chamber’s initiative of opening up new business opportunities for its members while enhancing their competitiveness in the overseas markets.
He said, “For Dubai, trade is the cornerstone of our economy. Aligning the needs of Dubai and Mexico and through increased cooperation, we can positively impact two-way trade and investment. In the medium and long-term, we see mutual growth potential in travel and tourism, which offer excellent joint cooperation opportunities for both the sides.
H.E. Buamim added that over the past few years Dubai-Mexican trade has increased considerably. Mexico currently ranks as Dubai’s 45th largest trade partner globally and between 2011 and 2012 the two sides’ trade rose by almost 27%, from a value of Dhs4.1bn to Dhs5.2bn.
For years, Dubai has been working to build stronger ties with Mexico and we are committed to provide all the facilities to businesses from the two sides to establish strong partnerships as part of our strategic objectives of creating a favourable business environment, supporting the development of business and promoting Dubai as an international business hub, said H.E. Buamim.
In his keynote address, H.E. Francisco Alonso, Ambassador of Mexico to the UAE, said that the UAE and Mexico now enjoy deep bilateral ties and are poised for a stronger partnership in the future as the two sides seek to develop their economic relations. Mexico is especially interested in promoting the flow of tourists from the UAE, he added.
The Ambassador of Mexico expressed his pleasure in Dubai Chamber’s organising of the Country Focus Briefing on Mexico which he said was very important to strengthen cooperation and explore joint investment opportunities between the two countries.
On his part, Carlos Eduardo Sanchez Pavon, Regional Director, ProMexico, stated that Mexico is the second largest economy in Latin America, and the country’s FDI outflow reached a record high of over $25bn during 2013 positioning it as the 15th largest investor in the world and the first in Latin America while in the same year Mexico attracted $35bn of FDI to the country’s various economic sectors.
The Mexican economy is dependent on manufacturing as last year Mexican exports recorded a high of over $380bn, consisting of mainly medium and high technology IT products adding that the country’s reliance on tourism, its recent economic reforms and diversification of its economy as well as its strategic location between the Continent, North and Latin America and the Caribbean make it an ideal destination for foreign investments, he said.
In her introductory presentation on The Outlook for Mexico: The Economy, Business Environment and Market Opportunities, Dr. Irene Mia, Regional Director, Latin America and the Caribbean, the Economist Intelligence Unit (EUI) spoke about the economic advantages of the Mexican market in regards to its sound macroeconomic policies, comprehensive structural reform agenda approved by the country’s Parliament, existence of a growing middle class which constitute a large proportion of the local market, and an extensive network of free trade agreements with over 50 countries which make it easier for Mexico to trade with most parts of the world.
Dr Mia added that the expected growth of the Mexican economy in 2014 comes from its developing consumer market, diversity of its economy, optimistic outlook for FDIs an improving business environment ensured by the commitment of the Mexican government to increase investments are factors enhancing the strength of the Mexican economy and luring investments to the country, she said.