MANILA, Philippines—Several Mexican companies are keen on doing business in the Philippines and other countries in Asia-Pacific, according to industry group Philippine Exporters Confederation Inc. (Philexport).
Citing pronouncements by a Mexican trade official, Philexport said in a statement over the weekend that two big companies from Mexico already do business in the Philippines and more trade was expected moving forward.
“Mexican companies are believing in the change that is taking place in the Philippines right now. Mexico’s relations with the Philippines in particular have a lot of room for growth,” said Mexican trade commissioner and deputy chief of mission Christian Clay-Mendoza, without divulging details of the planned investments.
Mexico-owned Cemex Corp. is an important player in the Philippine cement market.
Last year, bottling company Femsa S.A.B. de C.V. of Mexico purchased Coca-Cola Bottlers Philippines Inc.
From the Philippine side, Filipino firm International Container Terminal Services Inc. has huge investments in Manzanillo, Mexico’s leading Pacific port.
“These are interesting movements by the big companies, players. We would like also to come to medium and small enterprises and we would like them to get to know each country,” Mendoza said.
Philexport said Mendoza identified Mexico’s strategic sectors where investments of foreign companies have been pouring in over the last few years.
These are the electrical sector and electronics sector in the manufacturing industry, automotive sector and aerospace manufacturing.
“Mexico is very interested now in looking at the Asia-Pacific (markets). We are recognizing Asia-Pacific as the most dynamic region in the world,” Mendoza said.
Mexico, Peru, Chile and Colombia have launched the Pacific Alliance, a commercial bloc to foster regional integration and economic development.
The four economies account for over 55 percent of all Latin American exports as well as 35 percent of the region’s gross domestic product.