· It is one of its competitive advantages, he told the CEO's of Canadian and Mexican global companies in Toronto as he continued his state visit to Canada.
· Mexico is a country that is currently undergoing a significant transformation, he said.
The president declared that conditions are now in place for the level of bilateral economic relations between Mexico and Canada to grow even more.
Mexico, “Is now a country that jealously protects its macroeconomic strength; especially the macroeconomic bases, which make it possible to strengthen our macroeconomic stability,” said President Enrique Peña Nieto during his participation in the Panel Discussion: Economic Outlook and Mexico-Canada Trade and Investment Opportunities as part of the activities in his state visit to that country.
Addressing over 50 CEO's of global Mexican and Canadian companies at the meeting organized by the Economy Secretariat and ProMéxico, and attended by Canadian Minister of International Trade Chrystia Freeland; the President and CEO of Global Equity Capital Markets, TMX Group and Canadian Ambassador to Mexico Pierre Alarie, President Peña Nieto stated that the stability of the Mexican economy is one of its competitive advantages, noting that it in this context that the structural changes have been made.
He said that, “Mexico is a country that is currently undergoing a stage of significant transformation,” since it has managed to promote key structural changes that had been postponed for several years, on the basis of a diagnosis that had already been carried out on the needs to make adjustments in various fields.
He said that one of these changes concerned the economy, which would enable Mexico to be much more productive, competitive and encourage the attraction of major investments to our country.
“This has already happened. A wide-ranging agreement with the various political forces managed to push an agenda of structural changes that this government is now implementing so that they materialize,” said the president. He went on to explain several of the structural reforms promoted by his government, such as Labor Reform, which has enabled two million jobs to be created in the three and a half years since his administration.
Accompanied by members of his entourage, President Enrique Peña Nieto explained, “The reasons why Mexico is now an attractive country for investment,” and said that many of the companies represented at the meeting already have investments in the country. Among these, he cited the case of TransCanada, one of the companies participating in several gas pipeline development projects in Mexico.
In fact, he said, regarding the pipeline network, “which is fundamental to the country’s industrial development, in this administration, in the six years ending in 2018, we are on track to nearly double the network of gas pipelines that used to run up and down the country. This network of pipelines is expanding by nearly 80% and several of the companies who are represented here are already involved in this effort. Many of your companies are already taking advantage of the competitive advantages our country offers today.”
The Mexican president explained that they are doing so, “On the basis of this strategic partnership we formed 20 years ago, a partnership derived from NAFTA, which virtually quadrupled investment and trade levels in 20 years”.
The president declared that conditions are now in place for the level of bilateral economic relations to grow even more.
He said that, “Today the world is giving us lessons and giving us a very important reference. Countries that are part of a global economy, a global society, cannot isolate themselves, since the strength of each nation lies in its ability to build strategic partnerships, such as those Canada and Mexico have today.”
Therefore, he added, “From that point, this platform and this very solid foundation, I think we have a chance to move forward”.
The president went on to say that, “The integration with North America is a very solid and promising partnership”.
Moreover, he said that, “The partnership Canada and Mexico have with the United States is on track to make America is a much more competitive, productive region. And I think that it can be appreciated and valued more when we realize the enormous volatility that is taking place in the world”.
He confirmed that, “What Europe, Brexit, has recently shown us is a good benchmark, but above all, a lesson. There is a saying in Mexico that says: You can only learn things first hand. But I think we should not run the risk of wanting to experience firsthand afterthoughts or false starts or populist or demagogic solutions”.
Moreover, President Enrique Peña Nieto said that, “NAFTA can still be further strengthened in this partnership, of which Canada and Mexico are also part, which is the Trans-Pacific Partnership Agreement. The TPP revitalize the NAFTA agreement, by putting it on another scale and at another level. And I think this opens up great opportunities to consolidate and strengthen this Strategic Partnership Canada and Mexico have today.
At the business meeting, prior to President Enrique Peña Nieto’s participation, the behavior of Canadian investment in Mexico was reviewed and the experiences of Mexican companies abroad described.
MEETING WITH ONTARIO PREMIER
Earlier on, as his first activity in this city, as part of his state visit to Canada, President Enrique Peña Nieto met with Kathleen Wynne, Premier of the Province of Ontario.
Accompanied by Foreign Secretary Claudia Ruiz Massieu, the Head of the President’s Office Francisco Guzmán Ortiz and Mexican Ambassador to Canada, Agustin García-Lopez Loaeza, the president spoke with the premier about strengthening bilateral ties in economic and trade issues.