Mexico, an attractive market for China and Hong Kong

China and Hong Kong are hopeful Mexico will join their ambitious Belt and Road initiative to promote trade

Mexico, an attractive market for China and Hong Kong
Shiliupu port, Shanghai China - Photo: EFE/SHERWIN ECONOMICS
English 28/05/2018 11:00 Ivette Saldaña Mexico City Actualizada 11:06
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Contrary to the protectionism trend some nations are resorting to, China and Hong Kong are promoting trade and investment in other countries. Only two years ago, the economy of both countries injected USD$ 245 billion to the world.
The Deputy Executive Director, Marketing of the Hong Kong Trade Development Council (HKTDC) Raymond Yip, said that “China promotes trade and this should be welcomed by the world. China is exporting worldwide and is a source of investment.”

During an interview with EL UNIVERSAL, Mr. Yip stated that in a year, China invested USD$ 183 billion in several countries, surpassing the USD$ 145 billion of the Japanese – in addition to the USD$ 62 billion from Hong Kong.

The Deputy Executive Director – who visited Mexico as the leader of a trade commission on jewelry, clothing, and transportation, among others – explained that despite the U.S. Government has begun the renegotiation of the North American Free Trade Agreement (NAFTA), China and Hong Kong find Mexican economy attractive for its 120 million inhabitants.

Despite elections are close and the possibility of a change, Mr. Yip said they “hope and believe the new administration will promote business.”

Nevertheless, Mr. Yip confessed that while China and Hong Kong have projects in Mexico, they consider there are sectors in the country which are still closed off to foreign investment, in addition that Mexico needs to offer more guarantees for investments.

“In Hong Kong, we're used to having friendly businesses.” Thus, they are looking for opportunities in countries where imports are easier due to a lack of tariffs.

Mr. Yip further detailed China is currently developing the “Belt and Road” initiative, an ambitious project aimed at developing a trade infrastructure capable of linking several countries from different continents, of which he claimed Chile and Peru are already a part of. “Mexico can do the same. It's just a matter of expressing their interest in having a programme with China.”

As proof that they are also interested in promoting imports to China, Shanghai will be hosting an international import and export fair.


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