LBC spoke with CEO of Bancomext, Enrique de la Madrid Cordero about Mexico’s economy, reforms, and aspirations.
Mexico is a hotspot on the Latin American investment map at the moment. A series of reforms carried out in the last year by President Enrique Peña Nieto have increased optimism about the economy, as sectors such as telecommunications, banking, and most notably, energy, were reformed and opened to investment.
Beyond this, the country has gained a reputation as a leading trading nation, one of the most commercially open not just in Latin America, but with the world. Exports make up almost 60 percent of the country’s GDP, and it has 12 free-trade agreements, giving it access to 800 million consumers in 32 countries around the globe. It also has quickly integrated itself with three other like-minded Latin American economies – Chile, Colombia, and Peru – to form the Pacific Alliance, a trade bloc aimed at promoting open commerce with an eye toward Asia that has also enhanced the country’s profile.
A key factor in Mexico’s success has been integrating itself into global value chains, increasing exports, and internationalizing Mexican business. Within the Mexican government infrastructure, the entity in charge of promoting these sectors is Bancomext. LBC sat down with theCEO of Bancomext, Enrique de la Madrid Cordero, to get his insight on the current state of the Mexican economy, his optimism on the reforms, and where he sees opportunities for business in Mexico.
De la Madrid explains that the purpose of Bancomext is similar to that of the U.S. Export-Import bank, being to finance Mexican exports, make them more competitive, help the country to integrate into global value chains, and also increase the Mexican content of exports in global supply chains. “Since the Peña Nieto administration took office, the mission of our bank has evolved to help make Mexico a more prosperous country, and participate in activities that will help the country grow and have a more international presence,” he explains.