News Letter/Press Release - April 2013
HomeNews Letter/Press Release - April 2013
 

Dr. D. Purandeswari, Hon’ble Minister of State, Ministry of Commerce & Industry visits Mexico

Dr. D. Purandeswari, Minister of State, Ministry of Commerce & Industry, undertook an official visit to Mexico from 10-13 April 2013, accompanied by a senior delegation that included Joint Secretary Rajeev Arora from the Ministry of Commerce & Industry and Joint Secretary Atul Chaturvedi from the DIPP. A 10-member business delegation from Confederation of Indian Industries (CII), led by Shri Sudhir Deoras, Chairman of CII’s National Mining & Construction Equipments Committee, also visited Mexico City during the same period to explore trade and investment opportunities.

Ambassador Sujan R. Chinoy hosted a dinner at India House on 10 April 2013 in honour of the visiting Minister and her delegation, attended by Mexican entrepreneurs, experts and the Honorary Consuls of India in Guadalajara and Monterrey.

On 11 April Ambassador Chinoy hosted a Breakfast Conference in the Embassy Auditorium for Minister Purandeswari as well as the CII business delegation, to enable them to directly interact with the representatives of the more than thirty Indian companies in Mexico to get a feel of “Doing Business in Mexico”. The event was very well attended by more than fifty participants, including representatives of the India Mexico Business Chamber, India Mexico Business Solutions and other chambers and consultancy firms.

Ambassador Chinoy welcomed the Minister and presented a brief overview of the India-Mexico bilateral economic relations. He mentioned that the bilateral trade was $6.3 b in 2012 and had the potential to reach $10 b in the next two years with enhanced B2B relations. Mutual investments were also on the rise, with well-known Indian companies such as TCS, Infosys, Dr.Reddy’s Laboratories, Torrent, J.K.Tyres, Bajaj and many others having set up operations in Mexico. The Indian companies in Mexico, covering sectors such as pharmaceuticals, chemicals, IT and tyres, expressed their overall satisfaction and optimism about the growing business opportunities in Mexico, and shared their experience of operating in Mexico, especially touching upon the regulatory environment, visa procedures and other issues that would facilitate bilateral trade and investment. Minister Purandeswari thanked the participants for their active efforts to make use of the new business opportunities thrown up by the rapid rise of emerging economies such as India and Mexico. She also reassured the Indian companies in Mexico of the fullest support of the Government of India in dealing with relevant regulatory issues and in facilitating the process.

On 11 April, Dr.Purandeswari, accompanied by Ambassador Chinoy as well as members of the official team and the CII delegation, called on Mexico’s Minister of Economy Mr. Ildefonso Guajardo Villarreal. The two Ministers reviewed bilateral economic relations and noted that meetings of the bilateral Joint Commission and the bilateral High Level Group on Trade, Investment & Economic Cooperation during 2012 had identified fresh opportunities and thrust areas for deepening trade and investment ties. They agreed that regular dialogue at the Ministerial level would give fresh impetus and direction to our burgeoning economic ties. During their wide-ranging talks, the two Ministers also reviewed WTO-related issues and matters such as business visas.

On 12 April, the Embassy of India, the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE), and CII jointly organised a Mexico-India Business Seminar at the Hotel Hyatt in Mexico City, attended by a wide spectrum of Mexico’s business and industry representatives. In her keynote address Minister Purandeswari highlighted the importance of both Mexico and India in the globalised economy and spoke of mutually beneficial enhancement and diversification of bilateral economic relations. She underscored India’s emergence as an attractive and liberal investment destination for global business and cited the opportunities awaiting Mexico’s entrepreneurs. She gave an overview of the Government of India’s recent reforms and initiatives, including the FDI and Industrial policy, aimed at increasing the share of manufacturing from 16% of the country’s GDP to 25% by year 2020. Ambassador Chinoy mentioned the imperatives of closer trade and investment ties between the rapidly globalising economies of Mexico and India, especially in the context of the rise of   “emerging economies” such as Mexico and India, India’s economic thrust towards the Latin American region and Mexico’s renewed emphasis on broadening engagement with the Asia-Pacific region. There was a lively question and answer session, touching upon the potential for collaboration in tourism, manufacturing and through the ‘soft power’ of our cultural ties and affinities. The seminar was followed by business meetings between Indian companies represented in the CII delegation and Mexican enterprises.

During her stay in Mexico City, Minister Purandeswari, accompanied by Ambassador Chinoy, also called on Mexico’s Minister of Foreign Affairs Mr José Antonio Meade Kuribreña. Foreign Minister Meade highlighted the importance attached by Mexico to developing ties with India.

She also visited the Bajaj motorcycle assembly plant in Mexico, set up in alliance with Grupo Autofin and met top executives of JK Tornel, the manufacturing unit of JK Tyres in Mexico.

The visit of Dr. D. Purandeswari, Minister of State for Commerce & Industry contributed to further strengthening bilateral goodwill, the already warm and friendly relations, and especially economic cooperation between India and Mexico.

Mexico City

13 April 2013

   

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