MUMBAI, INDIA - Mr. Teofilo Terres Corzo, President of the Commission, San Luis Potosi, Mexico along with a high-level delegation of Senators, participated at an interactive meeting organized by World Trade Centre (WTC) Mumbai, All India Association of Industries (AIAI) and ProMexico, Mexican Government’s trade and investment agency at WTC Mumbai on March 14, 2017. Mr. Corzo said, “We want to grow together with India, we want to be closer to you”.

Mexico is India’s largest trade partner in Latin America. India is third largest buyer of Mexican oil. Mexico’s interests are in pharmaceuticals, information technology services, entertainment and automotive products, said Ms. Melba Pria, Mexican Ambassador to India. She added that India exports nearly 1 million cars to Mexico every year.

Senator Teofilo Torres Corzo of San Luis Potosi, Senator Jose de Jesus Santana of Aguascalientes, Senator Jose Ascencion Orihuela Barcenas of Michoacan, Senator Manuel Cavazo Lerma of Tamaulipas were in India to explore furthering business and trade ties. Mr. Rodrigo Blanco of ProMexico was also present.

“Two great nations – one from Asia and the other from the American continent stand obliged to work together in expanding business ties and to grow their respective economies”, said Senator Jose Ascencion Orihuela Barcenas. The liberalization of local industries and the abolition of monopolistic business practices open up new opportunities for Indian organizations to exploit. The critical avenues of agriculture, telecommunications and auto component manufacturing welcome Indian business to set up ventures in Mexico, Senator Jose added.

“The structural reforms instituted by Mexico under the leadership of President Enrique Pena Nieto have helped economic growth in the last few years. Within a short span of four years, 14 structural reforms have been instituted. Transparency in governance reform has helped improve the ease of doing business in Mexico”, said Senator Manuel Cavazo Lerma.

Newer markets are available and the continued drive to expand trade and business reforms makes Mexico especially well-suited to further the global ambitions of Indian companies. Corporate tax in Mexico is quite competitive and there is no state-level tax, added Senator Manuel Cavazo Lerma of Tamaulipas. Mexico produces more engineering graduates than many other countries of similar size. Indian companies looking to invest in Mexico have a readily available pool of talent to dip into, added the Ambassador.

Mr. Vijay Kalantri, Vice Chairman, WTC Mumbai said, “India’s trade with Mexico is currently about $7 billion, and has potential to double over the next two years. Pharmaceuticals, agro-chemicals, oil, steel and mining, IT and FMCG present opportunities of bilateral trade”. AIAI and WTC Mumbai are organizing a networking seminar on ‘India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment’ early May in Mumbai to help bilateral trade between India and Latin America, he added.

In Photo From (L-R): Mr. Rodrigo Blanco, Senator Jose de Jesus Santana, Senator Jose Ascencion Orihuela Barcenas, Senator Teofilo Torres Corzo, Mr. Vijay Kalantri and Ms. Melba Pria.

To learn more about WTC Mumbai, please click on the source link below.