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A Mexican firm is looking to invest some $2 billion to infuse fresh business in the Philippines, a country in which the Association of Southeast Asian Nations pointed as a top priority area in business and economy development.
This was confirmed by the DTI website, after parties from the two countries met in an effort to strengthen commercial ties between both countries. The bulk is to be focused on the telecommunications sector, according to the Department of Trade and Industry. DTI Secretary met with b to the Philippines Julio Camarena Villasenor, who discussed about the establishment of the Joint Economic Committee (JEC) that will further the bilateral trade and investment between the Philippines and Mexico.
“Mexico, a strong economic ally of the Philippines, has poured its biggest investments in the Philippines compared with other Asean economies. The ambassador mentioned that Mexico invests more in the Philippines than China,Japan, Korea and other Asian countries. In fact, among Mexico’s two largest companies, Cemex, a multinational building materials company and Femsa, a world-leading Coca-Cola bottler company, are both present in the Philippines,” Lopez said. The long history of the Philippine-Mexico relationship goes back to 250 years ago, when the Galleon Trade was established.
This did not just make international trade between the two countries, but it has also made an exchange of population and norms. According to DTI, Mexico ranked as the Philippines’ 28th trading partner (out of 223), 19th export market (out of 211), 40th import source (out of 203), and 2nd major trading partner out of the 21 Latin American countries in the year 2015.
The DTI, through its Philippine Trade and Investment Center (PTIC), recently opened its first office in the Latin American Region in Mexico City office. PTIC-Mexico will cover areas including Central and South America. Ambassador Villaseñor welcomed said initiative.