Mexican officials shake off investor concern in bilateral business summit
2024.10.15 15:56
MEXICO CITY (Reuters) -Mexican officials urged safety and stability in private investment in the country on Tuesday, following a bilateral summit with business leaders in which fears about constitutional reforms dominated the agenda.
Companies such as Amazon (NASDAQ:), Mexico Pacific, Royal Caribbean (NYSE:) and Woodside (OTC:) Energy are set to make significant investments in the country in the next year, Economy Ministry Marcelo Ebrard said.
Close to 250 executives attended the summit, held annually but of particular importance this year in the first weeks of President Claudia Sheinbaum’s administration.
“The messages from President Sheinbaum were certainty, assuredness,” Ebrard said. “Investments in Mexico are safe. We’re going to work so trade in the region keeps growing.”
Last month, Mexico’s Congress passed a sweeping judicial overhaul, which will put judges up for election by popular vote, arguing it will reduce corruption.
But the reform has drawn concerns from top trading partners Canada and the U.S. and risks being challenged by both countries under the trilateral USMCA trade agreement.
The agreement is up for review in 2026.
Ebrard said the total investments announced on Tuesday – many of which had already been previously confirmed by the companies themselves – topped $20 billion. That figure could come up to $30 billion if more planned investments materialized, he added.
