Foreign Secretary Luis Videgaray was the keynote speaker at the Investment Forum on Mexico organized by the Japanese newspaper Nikkei, the fifth largest newspaper in the world.
Speaking to business executives and journalists, Foreign Secretary Videgaray outlined the opportunities for trade and investment that unite Mexico and Japan, including as they relate to modernization of the North American Free Trade Agreement. He also acknowledged and expressed his appreciation for the trust that Japanese companies have placed in Mexico.
Foreign Secretary Videgaray highlighted the boost to productivity and competitiveness that has resulted from the structural reforms of President Enrique Peña Nieto's administration. They have triggered a significant increase in investments and benefits for Mexican society.
The participation of Japanese companies in Mexico has increased exponentially, thanks to the legal certainty provided by the 2005 Economic Partnership Agreement (EPA) and to the political and economic stability offered by Mexico. There are currently over 1,000 Japanese companies in Mexico, and Japan is our third largest trading partner worldwide. During President Peña Nieto's administration, bilateral trade has increased significantly, from USD 9.711 billion in 2012 to USD 21.5 billion in 2016.
Foreign Secretary Videgaray commented that increased air connectivity has encouraged reciprocal tourism. Today there are 14 direct flights a week between both countries, which has helped make Mexico the eighth most visited country in the world.
The Foreign Secretary also underscored the importance that "Mexico attaches to the Pacific Alliance and its hope that, in the future, Japan strengthen its ties with this successful integration mechanism." He recognized Japan's leadership in the so-called TPP2 and its belief in free trade.
While in Tokyo, the Foreign Secretary also held talks with senior executives at All Nippon Airways, Mazda Motor, Toray Industries, JFE Steel, INPEX, Nissan, Mitsubishi, Mitsui, Bank of Tokyo-Mitsubishi UFJ, Japan Bank for International Cooperation (JBIC), Toyota and Mizuho Bank, all of which are Japanese banks and companies with strong ties to Mexico.
Foreign Secretary Videgaray reaffirmed Mexico's interest in continuing to increase reciprocal investment, saying: "Japanese companies play a role in the bilateral relationship and Mexico wants to reciprocate the trust they have in the country." Between 1999 and March 2017, accumulated FDI in Mexico from Japan totaled USD 13.796 billion, about 60% of all investments from Asia.
The Foreign Secretary also met with Nikkei President Naotoshi Okada and with Senator and President of the Mexico-Japan Parliamentary Friendship Federation, Hirofumi Nakasone, with whom he discussed the current situation in both countries.