Ambassador’s Lunch Mexico: a country with great potential
Over 50 economic stakeholders attended the Monaco Economic Board’s Ambassador’s Lunch on Mexico. Having presented his letters of credence to HSH Prince Albert II the day before, HE Mr Gomez Robledo gave a presentation on the strengths of his country which has instigated a policy to open up its economy, hence why Mexico will be a destination for the MEB in 2017.
With inflation under control (2.66% in September 2016), low level public debt (54% of GDP) and 2.4% growth forecast for this year despite commodity prices being at their lowest level, Mexico is one of the great powers in the making with a remarkably stable macro-economy. Thanks to a healthy and well capitalised economy the country proved resilient during the 2008 crisis.
In perfect French, HE Mr Gomez Robledo underlined the many structural reforms adopted in 2013 and 2014 to open up its market. According to a report on commerce published in 2014 by the United Nations Conference, Mexico ranks 10th as an attractive country in terms of investment. To maintain this appeal, significant resources have been ploughed into public transport and telecommunications, and a raft of administrative procedures simplified.
In terms of exports, manufactured goods represent 85% of state revenue, with flagship sectors such as the automobile industry, IT, telecoms and appliances (No 1 exporter for televisions). Although oil represents just 9% of GCP it is still an important contributor. Meanwhile, the energy sector has been transformed and opened up, allowing many foreign companies to invest, notably in solar energy (No 3 in this field).
Tourism and culture are also a significant source of revenue, the Ambassador highlighting with a touch of humour the 100,000 hours of telenovelas (Latino soap operas) produced in Mexico and watched by over a billion viewers.
Regarding bilateral business relations, Mexico is not a major partner of the Principality, although there are opportunities for synergies in many sectors, where both countries could serve as a spring board to development in their respective regions
In his welcoming address, MEB Chairman Michel Dotta pointed out that the appointment of HE Mr Gomez Robledo “is timely, as the Monaco Economic Board is planning to organise a Trade Mission for Monaco companies to Mexico in 2017, as part of its Latin American focus”. It is likely the trip will also involve other Monegasque entities such as the Tourism and Convention Authority and Monaco Private Label, a joining of forces which could lead to some excellent opportunities.
PHOTOS : REALIS
