IE Singapore inks agreements in Mexico

IE Singapore said on Friday that it will sign two memorandum of understanding (MOU) this week in Mexico to create partnerships in infrastructure and connectivity.

It will sign on Saturday an agreement with the Secretariat of Economic Development of Mexico City, which implements policies impacting the development and regulation of economic activities in the industrial, commercial and service sectors of Mexico City.

Through this, IE Singapore expects to pull in stronger collaborations across areas such as urban planning, innovation and research, water and waste treatment, tourist infrastructure and logistics and transport management.

Earlier this week, it signed a separate MOU with ProMéxico, Mexico's trade and investment promotion agency, to promote trade and investment.

Mexico is the second-largest economy in Latin America, and more than 40 Singapore companies have a presence in the Mexican market, IE Singapore noted.

Last year, Mexico's GDP grew by 2.5 per cent to US$2.22 trillion, outperforming its Latin American peers. The region contracted by 0.1 per cent.

Mexico was recently ranked first among the Latin America and Caribbean countries for "ease of doing business" in the World Bank's "Doing Business Survey 2016".

IE Singapore said the Mexican government has also been putting in place reforms to improve the business environment. This includes an energy reform, which now allows for private and foreign companies to participate in the energy sector in Mexico.

The signings took place in conjunction with Singapore President Tony Tan Keng Yam's state visit to Mexico from June 8 to June 11.