Mexico eyes $10bn investment

Mexico is looking at $10 billion investments from India in the next five years, the head of a business delegation from the Latin American country said. "The government plans to increase Indian investment in Mexico to $10 billion within five years," Indo-Mexico Business Board, Mexico, chairman Luis Wertman said. Currently, Indian investment in the country stands at $3 billion "without any promotion", he said at an event ‘India-Mexico: Opportunities for Business’ jointly organised by industry bodies CII, Ficci and Assocham.
Mexico is looking at sectors like steel, automobile education, IT, pharmaceutical, tourism and infrastructure to draw investments. "We look forward to companies like Tata and Mahindra to invest in Mexico and are ready to provide all the facilities," Mr Luis added.
Mexico is also exploring options to invest in India. The country’s largest bread maker, Binbo and Gruma and other agro industries are looking at opportunities to step into the processed food segment in India. There is a need to boost the tourism sector in both the countries, Mr Luis said, adding that although millions of Indians go out of the country every year of which the maximum goes to the US, not even 5,000 visit Mexico, which is just a two-hour flight from New York.
He invited hospitality companies like Taj and Leela Hotels to invest in Mexico. India and Mexico also signed extradition treaty and two other pacts as Prime Minister Manmohan Singh and President Felipe Calderon Hinojosa held extensive talks to enhance bilateral relations in a wide range of areas. Improving trade and business relations was the focus of the discussions between Singh and Calderon, officials said.