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India Mexico inaugurate a business chamber to encourage more trade and investments

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Published: May 16, 2019 6:42:46 PM

The total trade in the last 10 years has increased 240 percent out of which 75 percent came in the last 3 years since 2015. As has been reported by Financial Express Online it has gone up to $ 6.4 billion in 2016 to $ 10.16 billion in 2018.

India, Mexico, inaugurate, business chamber, trade, investmentsIndia Mexico inaugurate a business chamber to encourage more trade and investments (Reuters)

With bilateral India-Mexico trade crossing $ 10.15 billion in 2018, India-Mexico Business Chamber (IMBC) has been inaugurated with the basic objective to strengthen the growing India Mexico economic and commercial linkages.

Terming it a positive development, speaking to Financial Express Online, Muktesh K Pardeshi, ambassador of India in Mexico said “With more than 180 Indian companies present in Mexico, the need for a bilateral form was felt acutely and to also facilitate a better understanding of business potential on both sides.”

According to him “while India is the 9th biggest trade partner of Mexico, it has invested over $ 3 billion in Mexico and our companies provide employment to over 30,000 Mexicans.”

The total trade in the last 10 years has increased 240 percent out of which 75 percent came in the last 3 years since 2015. As has been reported by Financial Express Online it has gone up to $ 6.4 billion in 2016 to $ 10.16 billion in 2018.

According to the data from the Mexican Ministry of Economy, a decade ago India did not find a spot even amongst the top 20 trading partners of Mexico but in 2018 it is on the ninth spot as the most important global trading partner. Indian exports registered a 4.2% growth from $ 5.02 billion to $ 5.231 billion in 2018.

“Our total imports registered 47% growth while only the non-oil imports registered 65% growth from Mexico. Exports growth has suffered primarily because of the suspension on dry chillies import by Mexico since May, 2017, a market of at least $ 50 million for India,” said the Indian envoy.

The Commercial Wing of the Indian embassy in Mexico had been planning the revival of the Chamber which had been dormant since 2012. After several rounds of meetings between 27 Indian and Mexican companies in the last six months, Inder Pal Singh, CEO, Tynor Comercializadora SA de SV was unanimously chosen as the president IMBC.

Also, crude oil is the most important commodity in the trade basket accounting for $3.2 billion in 2018.

According to Dr Garciela Marquez Colin, Minister of Energy, Mexico, “For its part, Mexico has surpassed Brazil as the first destination for exports from India to Latin America. The remarkable performance of bilateral trade and its consequent exponential growth are examples of the possibilities of collaboration between these two emerging economies.”

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