President Enrique Peña Nieto today attended the National Meeting of BBVA Bancomer Board Members 2016. This global company, with a presence in 35 countries, has contributed to the growth and development of the Mexican economy for the past 84 years, since 1932. 

"Today we can say, to borrow the motto of this great financial institution, that Mexico is moving forward."

This is borne out by three aspects, on which the government is working to build a prosperous Mexico:

1. Political stability; with solid democratic laws and institutions.

"The best example of this are yesterday’s free, highly contested elections in 14 states. Sunday’s elections were held in an atmosphere of order, tranquility and peace.”

The government will work with the authorities who were elected, with full institutional coordination and without distinction.

“Our democracy is undoubtedly perfectible, but no one can deny that today in Mexico only citizens elect their representatives. Votes count and they are properly counted.

Our laws guarantee a balance between individual freedom and collective coexistence. We are a pluralistic country, which recognizes its diversity as one of its greatest strengths.”

2. Balanced regional development. The government is working to achieve a goal: For its growth and benefits to reach all states. In this area, the president highlighted the development of infrastructure, with major works and projects the length and breadth of the country.

To close the development gaps that persist in the south-east, the government is promoting Special Economic Zones, areas with tax incentives and high impact facilities to trigger investment.

3. Structural transformation. This involves 13 sweeping reforms, which break down barriers and open up new opportunities for the country’s families and businesses.

“It would undoubtedly have been desirable to make these changes a generation ago. Mexico would be quite different if a national agreement to achieve educational reform had been signed twenty years ago.

Our development would be much faster, if for two decades, we had had economic laws to encourage competition and open up the energy sector to the world.”

During this administration, we have managed to create the political conditions to build agreements and make them a reality. While the benefits of the reforms will be reflected more clearly in the future, various indicators show we are on track. 

Four indicators

FIRST. More Mexicans have formal employment. So far during this administration, according to the latest data from IMSS, more than 1,962,000 formal jobs have been created, the highest figure for this period of any administration.

SECOND. Domestic consumption has established itself as a major engine of the economy. In March, private consumption grew 4.7% annually; the highest rate for March in the past 4 years. Also worth noting is the sale of vehicles to the public, which in May rose at an annual rate of 19%.

THIRD. Foreign direct investment continues to rise. Confidence in Mexico and in its transformation is reflected in increased investment. In three years, the country has received approximately $110 billion USD, 60% more than that recorded during the same period in the previous administration.

FOURTH. The economy has grown at a rate of almost 2.5%, despite a highly complex international situation.  These indicators are the best reflection of the state of the economy; a strong economy that is creating jobs and attracting investment.

“The stability I have referred to, the regional development we are promoting, and the sweeping reforms underway are a potent formula for triggering the growth of the economy.”