Mumbai, Nov 1: The bilateral trade between India and Mexico is expected to surge from $4 billion to $10 billion by 2015, driven by economic reforms in both the countries, a visiting Mexican official said here Thursday.
“Mexico is at the right place at the right time, following the reconstitution of the global economy,” said Carlos Guzman Bofill, CEO of ProMexico, a government body which promotes trade and commercial ties of Mexico with other countries.
Bofill was speaking at a Confederation of Indian Industry session with captains of Indian industry on strengthening existing bilateral trade and investment relations between the two countries toda.
Describing Mexico as “cost competitive” as per official reports, Bofill said that the country had a two percent cost advantage in over 19 industries as compared to its neighbor, the US.
Inviting the Indian IT and pharma sector to set up shop in Mexico, he pointed out that several big Indian names like Wipro, Tata Consultancy Services, Dr. Reddy’s Laboratories, Ranbaxy and Wockhardt besides automotive and auto-ancillary companies have already been established there.
Addressing the session, Godrej Industries Ltd managing director Nadir Godrej said that his group had a lot of business interest in Latin America as well as exports to Mexico, and indicated the possibility of setting up a consumer products business there in future.
Mastek Ltd’s Ashank Desai said that both India and Mexico face similar challenges for growth and development with areas of concern like energy, environmental sustainability and urbanization.
He urged an exchange of student, faculty and researchers between the two countries as India has a lot to share in terms of education with Mexico.
According to Desai, other important sectors like tourism, mining, food processing, infra projects in India, engineering, renewable energy and biotechnology hold immense potential for collaborations between the two countries.