CCIC Saudi Council of Commercial and Industrial : Mexican President Encourages Saudi Investors to Explore Mexican Markets

President of the United Mexican States Enrique Peña Nieto assured during a meeting organized in his honor by the Council of Saudi Chambers (CSC) that the geographical distance did not keep the two countries from sharing historic and economic relations over the years, which they are keen on maintaining.

H.E. Mr. Nieto noted during his address that Mexico looks forward to having relations with their business counterpart in Saudi Arabia, and facilitating access of Mexican products, such as coffee, fruits and vegetables to the Saudi market. He shed light on the promising opportunities in Mexico, especially in the energy, manufacturing, tourism, trade, infrastructure, and transportation sectors, which all have the potential to enhance Saudi-Mexican economic cooperation.

The Mexican president explained that his country has the advantage of being an emerging market full of opportunities, in addition to being a reputable touristic spot, expressing his wish to attract Saudi tourists. He extended an invitation to Saudi businesspersons to seek cooperation opportunities with their Mexican counterpart, and enhance the presence and competitiveness of Saudi firms abroad, noting the distinguished geographical location of Mexico as a gateway to Pan-American and European markets. He additionally commended the Saudi market as a gateway to the Arab region and a key player in attracting Mexican products to its markets, adding that Mexican markets are also convenient for Saudi investments.

President Nieto expounded on Mexican economy, stating that it is the second largest in Latin America and 15th worldwide, and relies on diversification and manufacturing. He revealed that Mexico is the leading exporter of flat screens, refrigerators, and freezers, and ranks seventh in automotive exports, in addition to having 11 trade agreements with 64 countries.

For his part, CSC Chairperson Dr. Abdulrahman Al Zamil stated that the Mexican President's visit reflects the solid Saudi-Mexican relations, which date back to over six decades, noting that Mexico is one of the most rapidly growing economies in North America. Al Zamil pointed to the vast opportunities in the Kingdom as it holds a distinguished position in world economy. He addressed the current state of bilateral trade between the two countries, which according to statistics did not exceed $1.9 billion in 2014. Moreover, the balance of trade is in favor of Mexico with Saudi exports reaching $336 million in the same year, representing 18% of their trade, with oil representing over 95% of these exports.

Al Zamil added that the aforementioned figures do not represent the distinguished economic status of neither countries, nor the historic relations joining them, noting that both the Saudi and Mexican private sectors look forward to the creation of a joint Saudi-Mexican Business Council to improve their trade. He additionally encouraged activating the signed agreements between the two countries, exploring investment opportunities, and addressing challenges that hinder their bilateral trade.

For his part, the Mexican Minister of Economy Ildefonso Guajardo Villarreal assured his country's interest in maintaining and enhancing bilateral trade with the Kingdom, and encouraged more delegation exchanges to explore the multiple opportunities in the two countries.

The meeting saw the signing of an agreement between CSC and the Mexican Business Council for Foreign Trade, Investment & Technology (COMCE) that aims at developing economic cooperation via business delegations, investments, exchange of information, and organizing exhibitions.