MEXICO CITY: Malaysia and Mexico are set for greater heights in their economic and trade bilateral relations as both countries are looking forward to expanding and opening their markets.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said Malaysia and Mexico, both members of the Trans-Pacific Partnership Agreement, could leverage on each other’s strength towards enhancing their bilateral trade ties.
In his address at the inaugural Seminar on Business Opportunities in Malaysia here, Thursday, the minister said there were a lot of business and investment opportunities for Mexican and Malaysian companies to tap into in both countries.
Sharing Malaysia-Mexico bilateral relations and business opportunities, Mustapa said Mexican products that had export potential to Malaysia were electrical and electronics such as telecommunication equipment, parts and smart cards; autoparts namely parts of motor vehicles and passenger motor vehicles; and aerospace (aircraft equipment and parts).
He also invited Mexican companies to Malaysia for international exhibitions scheduled to be held in Kuala Lumpur.
“In aerospace sector, we believe, there is a lot of potential for more trade between Malaysia and Mexico. Malaysia has been hosting a number of international exhibitions like Intrade Malaysia, which is a big exhibition...We are holding this in November and we would like to invite Mexican companies to Malaysia.”
Mustapa is here leading a trade and investment mission to Mexico City and Tlaxcala, Mexico from May 18 to 21.
Organised by Malaysia External Trade Development Corporation (Matrade), the mission aims to expand Malaysia’s bilateral trade with Mexico.
It is also to promote Malaysian brands in products and services in Mexico by showcasing the achievements of Malaysia’s service providers and manufacturers at the international level.
Among the speakers at the seminar were Malaysian Ambassador to Mexico, Mohamd Azhar Mazlan; Fernando Ruiz Huarte, Vice President of Institutional Relations and Director General of Mexican Business Council for Foreign Trade, Investment and Technology; and Mexico Minister of Economy, Ildefonso Guajardo Villarreal.
During the seminar, Mustapa and Villarreal witnessed the signing of two memoranda of understanding between the Mexican Federation of Aerospace and Aeronautics University of Queretaro and Asia Aerospace City.
Speaking to Bernama TV later, Mustapa said Malaysia hoped to leverage Mexico’s close proximity as a stepping stone into the United States market.
He said this was the first time that Matrade had organised such a mission to Mexico.
He noted that Mexico was a big country with a huge economy and was ranked 12th in the world in terms of export.
“They are close neighbours to America with 130 million people and has good prospects for growth because they are reforming.
“One attraction is the proximity to America, which is a big market. Some 78 per cent of its trade are with America, so that country is so important to them.
“Hence, we can use Mexico as a stepping stone into the American market,” he said.
Eighteen business representatives from 13 companies participated in the seminar.
Malaysia’s trade with Mexico stood at US$1.97 billion, with total exports at US$1.59 billion and imports at US$383.1 million.
Within Latin America, Mexico is Malaysia’s second-largest partner after Brazil, first export destination and fourth source of import after Brazil, Argentina and Venezuela. -- BERNAMA