Trade with Mexico could reach €1B in next four years – chamber

  • ECO News
  • 7 January 2020

According to data between 2014 and the end of 2018, the value of trade between Portugal and Mexico doubled to 600 million euros.

Trade between Portugal and Mexico could reach one billion euros over the next four years, Miguel Gomes da Costa, president of the Portuguese-Mexican Chamber of Commerce and Industry (CCILM), told the agency Lusa.

According to data between 2014 and the end of 2018, the value of trade doubled to 600 million euros.

“Today Mexico is, after Brazil, our main market in Latin America. The idea is for the Chamber to contribute to maintaining this position”.

“When I started at the Chamber, business people looked at Mexico as a distant country, where the weight of the Spanish and USA economies were great. But from the beginning of this decade things began to be different, because of the investment programs of the Mexican governments,” said Miguel Gomes da Costa.

He highlighted Portuguese companies such as Mota-Engil and EDP Renováveis among the largest operating in the Mexican market. The Champalimaud group is also investing in the country, where it has an annual growth of around 20%. “And then there are other medium-sized companies, in the area of moulds, machines and tools”.

For the next two years, CCILM wants to develop “a collective action program, in the scope of Portugal 2020, to give more protagonism to technology in the area of moulds, machines and tools”.

“We will be present at fairs and seminars in Mexico, and we will also bring Mexican businessmen and journalists and opinion makers to Portugal who can give more visibility to this sector”.

As for possible Mexican investments in Portugal, he said that “it is one of the areas that has to be boosted”. Among the Mexican groups already operating in Portugal are the multinational Bimbo and Carnes Nobre.

“We really think that there is potential and that’s why we want to develop this program in order to draw attention to the possibility of partnerships between Mexican entrepreneurs and Portuguese companies in Portugal. Without local partnerships, it is difficult to enter and develop these markets”.

The leader of the Chamber highlighted areas such as transport, health, energy and industry as potential targets for national investment in Mexico, which in turn is very strong in agri-food.

He also recalled that last year a program was launched for some 45 billion dollars (€40 billion) in infrastructure for the private sector in Mexico, which the organization wants to publicize.