To reiterate the bilateral trade relationship between India and Mexico, Indian Chamber of Commerce (ICC) has organised an interactive session with Ambassador of Mexico to India H.E. Mr. Federico Salas Lotfe on Friday 4th March 2022. The ambassador has mentioned during the session, “India and Mexico have had a long association for more than a decade. After the pandemic hit, everything came to a halt all of a sudden but now with things getting better at a faster pace Mexico and India both countries intend to take their trade relationship to a new level. A delegation from Mexico is coming down to India to discuss how they would like to facilitate Indian companies to start off their business in Mexico which will give a boost to both countries. IT Startups are one of the fastest-growing sectors in India and Mexico and a joint venture with Mexico with this industry could be beneficial in the long run. Indian pharmaceutical companies that have set up their offices in Mexico are also being benefited from the strategic location of Mexico.
India and Mexico have been together for 70 years and currently have a “Privileged Partnership”. In 2018, bilateral trade between India and Mexico exceeded 10 billion dollars according to the Bank of Mexico. Approximately 10 years ago, India was not among the twenty major trading partners of Mexico, but in 2018 it is already the ninth most important trading partner globally. India joined the league of the ten most important partners in Mexico in 2017. Mexico has been an important source of Crude Oil for India, with a value of more than 3.73 billion dollars. Iron and steel are also an important sector of Mexican export with a value of 20 million dollars in just a year 2018.
Honorary Consul of The Republic of Mexico, Mr. SumitMazumder said during the interaction, “In 2016 when Prime Minister Narendra Modi visited Mexico, two nations agreed to come together for the development of bilateral trade relationship between two countries which will be immensely beneficial for various sectors ranging from healthcare, pharmaceuticals to Information technology. I still believe both India and Mexico need to be more aggressive in making the plan into reality. India would also like to take delegations to Mexico to explore more of those. Mexico has a long history of developing in the sector of mining – which is one of the world’s largest metal producers. Mexican products that have not yet been explored and that could find a potential market in India are Silver, Copper, Gold. Mexico’s Strategic location, vast markets will definitely help in accelerating Indo-Mexican privileged partnership.”
Mr. Pradeep Sureka, President of ICC added, “The delegates of Indian Chamber of Commerce would like to visit Mexico in near future to explore trade opportunities with the help of Indian Ambassador to Mexico. We would like to strengthen the trade relationship and identify areas to expand trade. Potential opportunities were recognized in health services, pharmaceutical, medical equipment industries, agri-food, automotive, aerospace industries; and in the energy area, mainly petrol and gas. Further potential exists in areas like Information Technology, Audio-visual production, Tourism, etc. which needs to be focussed upon at the current time.”