The Foreign Secretary will announce a new prosperity programme at
high level talks with Mexican Foreign Minister Videgaray on 19
October in London. This will build on a number of successful
UK-backed programmes in the country, and will open up the Mexican
market to UK businesses in the energy, future cities and
financial services sectors.
By helping to improve Mexico’s business environment and
supporting the Mexican government to develop policies that foster
an open market, the investment, worth around £60 million over the
next four years, will boost the longstanding UK-Mexico
partnership, increase prosperity for both countries, and create
opportunities for new business, including those from the UK.
The UK has supported a number of successful programmes in Mexico
in recent years, including the creation of a competitive
renewable energy market which has already resulted in millions of
pounds worth of business for UK companies.
The new prosperity programme will also increase the country’s
recovery and resilience efforts following the recent earthquakes
by promoting better infrastructure projects and increasing access
to financial products such as insurance. Currently, just 5% of
Mexicans have building insurance, while more than half of the
population has no access to any financial services at all.
Foreign Secretary said:
“Britain has had a close relationship with Mexico ever since
the UK became the first European country to recognise its
independence almost two centuries ago. The relationship has
endured to this day, and our two countries continue to strengthen
links in areas as diverse as trade, security, culture, education
and tourism.
“This new funding will give a significant boost to Mexico’s
economic development and reform, which is good news for the UK.
Mexico is already implementing an ambitious package of economic
reforms, including opening up the energy and telecom sectors.
Helping Mexico to build stable, well-regulated markets and reduce
barriers to trade will create more opportunities for British
companies.
“Our trade with Mexico stood at more than £3.6 billion in
2015, but the potential is much greater. This programme is the
first step in unlocking that potential, to the benefit of both
Mexico and the UK.”
Notes to Editors
The UK’s work in Mexico
- In 2016 the UK supported local authorities to introduce
cost-effective ways to encourage people to use alternative
transport to improve urban mobility in Mexican cities. The
success of this work led the Mexican government to allocate 15%
of its Metropolitan Fund for sustainable mobility work, which in
turn lead to increased opportunities for British companies.
- The UK helped Mexico to adopt new financial mechanisms by
supporting the design of Mexico’s Green Bonds market from 2014 to
2017. We also assisted in the creation of a new Advisory Council
which helped create a new multi-billion dollar market for Green
Bonds, and supported the creation of the Mexican carbon platform
to trade emissions with other markets.
- In 2015 we helped develop a Community Policing model to
increase trust in Mexico’s police forces, an initiative that was
publicly welcomed by President Peña Nieto. A strengthened
business environment is good for UK business.
- Figures from the Mexican Association of Insurance Agents
suggest that just 5% of the Mexican population have buildings
insurance, only 15% have life insurance, and more than 50% of the
population have no access to any financial services product.
The Guest of Government visit
- The talks form part of a Guest of Government visit by Foreign
Minister Videgaray on 17-19 October, during which he is also
meeting the Chancellor of the Exchequer, Secretary of State for
International Trade, HRH The Duke of York and The Lord Mayor of
The City of London.
- The Foreign Ministers are expected to discuss a range of
other issues, including the two country’s shared positions on
Venezuela and North Korea, and how they can work together to
tackle climate change and the illegal wildlife trade.
- · They
will also discuss how the UK and Mexico can further strengthen
economic ties, including through high level economic talks that
are due to take place in Mexico City in 2018.
- The Foreign Minister’s visit follows successful visits to
Mexico by the then Foreign Secretary in May 2016 and Secretary
of State for International Trade in July 2017, and a visit to
the UK by the Mexican Minister of Economy in April 2017.
