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, 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 Pena 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 has 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 the
Foreign Minister 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 also 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.
-
Foreign Minister Videgaray’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.
