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Mexico is keen on investments from Indian pharmaceuticals and IT companies so that bi-lateral trade achieves the $10-billion mark by 2015 from the current level of $4 billion, said Ashank Desai, Founder of Mastek Ltd, on Thursday.
He was addressing a CII session on the investment opportunities in Mexico. A large number of software companies including Infosys, Wipro and TCS have already established themselves in Mexico, and also pharmaceutical companies like Dr Reddy’s Laboratories, Ranbaxy and Wockhardt.
Carlos Bofill, CEO of ProMexico, said Mexico is cost-competitive and has a 2 per cent cost advantage in over 19 industries as compared to the US market.
ProMexico is a Mexican Government investment body.
Mexico’s Ambassador to India, Jaime Nualart, said Indian companies especially from the pharmaceutical sector should look at investing in Mexico, as the country offers a gateway to the North and South American markets, which control 60 per cent of the global GDP.
Manufacturing facilities
Nualart added that rather than export drugs and pharmaceuticals from India, it makes more sense to set up manufacturing facilities in Mexico, which would also help cater to the US and other South American markets.
Trade Commissioner of ProMexico, Aldo Ruiz, said Indian companies manufacturing in Mexico, would get all the advantages of the duty free structure of the North American Free Trade Agreement (NAFTA), and other treaties, which Mexico has with Japan, Israel and a number of South American countries.
Mexico has a 3,000 km border with the US and has 52 border points, through which goods can be transported to their market.
Nadir Godrej, Managing Director of Godrej Industries, said, “Godrej group has lot of interest in Latin America. We might set up a consumer product business in Mexico but not immediately,” he added.
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