IE Singapore to ink agreements in Mexico (Amended)

Singapore

INTERNATIONAL Enterprise (IE) Singapore said it would sign a memorandum of understanding (MOU) with the Secretariat of Economic Development of Mexico City to promote stronger ties in building infrastructure and boosting connectivity between the two countries.

The agreement will see stronger collaboration in areas such as urban planning, innovation and research, water and waste treatment, tourism infrastructure, and logistics and transport management.

Earlier this week, at the Mexico Singapore Business Forum, IE Singapore signed a separate MOU with ProMéxico, Mexico's trade and investment promotion agency, to boost trade and investment.

It also organised the Latin Asia Business Dialogue as part of its continual efforts to raise awareness of Singapore among the Mexican business community and facilitate project discussions between potential partners.

The closed-door dialogue, which was attended by over 70 delegates from the private and public sectors, explored opportunities for Singapore and Mexico to collaborate on key infrastructure projects such as the development of the new Mexico City International Airport, special economic zones, and tourism infrastructure.

IE Singapore said the Mexican government has also been putting in place reforms to improve the business environment. This includes energy reform as well as other energy-related plans by the Mexican government in areas including offshore oil and gas, electricity generation, utilities, and renewable energy - which now allow private and foreign companies' participation in the energy sector.

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

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

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

The Secretariat of Economic Development of Mexico City implements policies impacting the development and regulation of economic activity in the industrial, commercial and service sectors of Mexico City.

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

IE Singapore clarified that the MOU signing has been postponed to a later date. The article has been revised to reflect this.

With additional reporting

by J Lossini