Hong Kong will find, in an open and connected Mexico, an able partner in trade
Alicia Buenrostro Massieu surveys the improvements as a result of radical reforms in the Latin American nation, bringing more opportunities for cooperation
As my tour of duty as consul general of Mexico in Hong Kong ends, I think about the changes I’ve noticed over the past five years, both locally and in the Mexico-Hong Kong relationship. I’ve learnt how important this SAR still is for the region and China. A financial hub, a platform for international trade companies, a new centre for innovation and technology, and a global connector of the “One Belt, One Road” initiative. A city always on the move, with core values of transparency, rule of law, and a full range of freedoms that redefine it politically on the streets every day.
In 2016, Mexico celebrates its 50th anniversary in Hong Kong. Both have evolved, deepening their ties, especially in the past few years. In the 1980s, Mexico was very much closed to the world. Today, its exports account for about 80 per cent of gross domestic product.
In the 1990s, Mexico was transformed politically, securing a democratic system with transparent elections and checks and balances in government. After a decade of political reshuffle, all forces came together in a historical pact to approve 18 structural reforms, changing the course of the country’s economic and political history.
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For the first time in almost a century, international companies were allowed to bid in the oil and gas sector. With a new Competition Commission, the playing field was levelled and new broadcasting, internet and phone companies have entered the market. Costs of services for industries are much lower, and credit for small businesses is booming. This new dynamic is showing results: entrepreneurial hubs and technology start-ups are opening up daily.
Today, the Mexican economy is as open and connected as possible, with free trade access to 46 countries, one billion consumers, and 60 per cent of the world’s GDP. Trade with Hong Kong is evidence of this evolution from a commodity- to a manufacturing-oriented export economy, based on innovation. Out of all exports to Hong Kong, 7 per cent is food, the rest are computers, telecommunications equipment and office machine accessories. With 130 million consumers, the Mexican market is solid and attractive. We are the biggest buyer of Hong Kong exports in Latin America, and our bilateral trade increased 600-fold in 10 years.