The Secretary of
Economy of Mexico, Ildefonso Guajardo Villarreal, and the Secretary for
Commerce and Economic Development of the Government of the Special
Administrative Region of Hong Kong, Gregory So, announced that in 2016, both
economies will begin negotiations of an Agreement for the Promotion and
Reciprocal Protection of Investments (BIT, Bilateral Investment Treaty), after
the meeting held today in Mexico City.
In 2014, Hong Kong
was the second largest contributor of Foreign Direct Investment (FDI) to other
economies, with flows amounting to 143 billion dollars in January. Mexico is
the 15th largest economy in the world, which offers opportunities to enhance
the existing flows of investment from Hong Kong in Mexico, which, to date,
amounted to 49.8 million dollars.
Hong Kong is the
10th largest trading partner of Mexico in Asia and the 5th destination for
Mexican exports in Asia, while Mexico is the 3rd trade partner for Hong Kong
among the countries of Latin America.
The Agreement will
add itself to the 33 BITs that Mexico has signed with other economies, and the
17 agreements of this type that Hong Kong has.
The BIT will
contribute to the development of high value-added sectors where Hong Kong is
worldwide leader, such as auto parts, medical and electronic devices, in a
climate of legal certainty.