PN54/2011

Published: Tuesday 29 March, 2011

UK and Mexico reveal joint target to double trade to £4.2 billion by 2015

Deputy Prime Minister Nick Clegg and Mexican President Felipe Calderon today committed to double bilateral trade to £4.2 billion by 2015.

The Deputy Prime Minister and Mexican President have also agreed to set up a new UK-Mexico business forum, which will bring together key business leaders from both countries to help reach the ambitious trade target. They have agreed to set up a Mexican Chamber of Commerce in London to increase trade and investment flows.

Nick Clegg is in Mexico today, leading a delegation of more than 20 of Britain’s leading companies including top engineering, construction and design firms as well as universities.

Nick Clegg said:

“The UK Government is committed to strengthening our trade and investment links with the fastest growing economies of the world, including Mexico. During this visit, we have not only agreed to double trade, but we have set up ways to achieve this.

“As Mexico’s economy continues to grow it provides huge opportunities for UK firms, particularly in infrastructure energy, education and retail.

“And as we set out in last week’s Budget, Britain is open for business and we welcome investment from Mexico. The UK is one of the easiest places in the world to invest and do business and we are committed to making it ever better.”

The Deputy Prime Minister is accompanied by Foreign Office Minister, Jeremy Browne and Universities Minister, David Willetts.

Later today, Nick Clegg and Mexican President Felipe Calderon, will chair a business roundtable to discuss trade relations.

UK trade with the Latin American region increased by 30 per cent last year and bilateral trade in goods to Mexico, over the same period, went up by a third.

Around 350 British companies and 900 with British capital are already operating in Mexico and UK Trade & Investment has identified opportunities for UK companies in sectors such as infrastructure, energy, retail, advanced engineering, and education.

Mexico’s National Infrastructure Plan, set up in 2007, set out an investment programme worth £140 billion. Part of this work involves building nearly 1,500 kilometres of railroad.

Among the UK businesses already based in Mexico are: HSBC, Invensys, Thomas Pink, Essential Nails, and Currie & Brown.

Fact file

• Mexico’s population is 112 million. Fifty per cent of the population is under 27.

• Mexico is one of the seven largest oil producers in the world.

• Mexico exports more than 90 million mobile phones each year.

• Mexico is the second largest producer of silver in the world.

• Twenty FTSE 100 companies have investments in Mexico.

• Promexico (UKTI equivalent in Mexico) has designated the UK as one of three priority markets.

• Mexico’s National Infrastructure Plan is worth £140 billion and was launched in 2007.

• Mexico represents 55 per cent of the Latin American luxury goods market.

• The UK is the fifth largest investor in Mexico over the past ten years, with nearly US $7.4 billion.

• Around 350 British companies and 900 with British capital are operating in Mexico.

• Mexico is the UK’s second largest trading nation in Latin America after Brazil.

• In 2010, UK exports increased by 28 per cent compared to 2009.

• In 2010, bilateral trade in goods between the UK and Mexico also increased by a third - totalling almost £1.9 billion.

Media contact

For more information, please contact Susan Grieve on +44 (0)20 7215 4644, or at susan.grieve@ukti.gsi.gov.uk.

Notes to editors

UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media. You can also keep in touch with developments at UKTI through www.blog.ukti.gov.uk, www.twitter.com/ukti and www.flickr.com/photos/tags/ukti.