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Mexico hopes to boost economic ties with China

(Xinhua)
Updated: 2009-02-07 15:38

Mexico is expected to get part of China's investments earmarked for foreign markets in 2009, Bruno Ferrari, head of a government institution which is tasked to attract foreign direct investment, said on Friday.

Bruno Ferrari, who leads ProMexico, also said the south American country also expects to seek new economic opportunities with China as the scheduled visit by Chinese Vice President Xi Jinping nears.

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Xi is set to visit Mexico from Feb 9 to 11 as a part of a tour to Latin America, which will also take him to Jamaica, Colombia, Venezuela, and Brazil.

Officials and businessmen from the two sides will discuss potential areas for economic cooperation at the 19th Plenary Meeting of the Mexico-China Business Committee, which is slated for Feb 10 in Mexico City.

Last November, at the Asia Pacific Economic Cooperation Forum held in Lima, Peru, Mexican President Felipe Calderon said that China has offered great possibilities for his country as the global financial crisis unfolded.

Mexico registered an economic growth rate of only 1.8 percent in 2008, the second worst performance among Latin American countries after Haiti.

The United States was Mexico's largest exports destination, taking 89 percent of all its exports. But the on-going crisis has forced the Mexican government to seek alternative markets.

In December last year, Mexico's Deputy Foreign Minister, Lourdes Aranda, said his country was concerned about its declining exports to the United States, and its ties with China "were very important."

He said Mexico was having problems with declining investments, and he would seek to garner more Chinese investments during Xi's visit.

According to data from the Chinese Commerce Ministry, commercial exchanges between China and Latin America grew by 50.9 percent from January 2008 to January 2009.