Mexico eyes $2B investment in PH
$2 billion worth in investments are headed to the Philippines from Mexico after recent talks strengthened economic ties between both countries.
MEXICAN INVESTMENTS ARE FLOODING IN. Another $2 billion worth in investments, most of which will go to the telecommunications sector, is expected by the DTI. Images grabbed from Wikimedia Commons and Pixabay
In a press release posted on the Department of Trade and Industry (DTI) website, the bulk of the investment will go towards the telecommunications sector. This came about after Julio Camarena Villaseñor, Ambassador of Mexico to the Philippines, paid a courtesy visit to new DTI Secretary Ramon Lopez.
A Joint Economic Committee (JEC) was also discussed during the visit of the Mexican Ambassador to improve bilateral trade relations between the Philippines and Mexico.
Ambassador Villaseñor also expressed Mexico’s interests in the Philippines as an economic gateway to the ASEAN region, further emphasizing the country as a priority for Mexican investments in Asia. To date, Mexico invests more in the Philippines compared to their investments in China, Japan, Korea, and other Asian countries.
“The Philippines is eager to know that one of our strong commercial allies, Mexico, has expressed its keen interest in the country,” said Sec. Lopez. He added that the Philippines will continue to maximize economic opportunities with Mexico by easing the process of doing business in the country.
Mexico is one of the country’s strongest economic allies, investing heavily in the Philippines compared to other ASEAN economies. Mexico ranked 28th out of 223 of the country’s trading partners, 19th in the export market (out of 211), 40th in import resource (out of 203, and the country’s 2nd major trading partner out of the 21 Latin American countries.
Source: DTI website, The Philippine Star, Malaya
