Mexico Energy: Now The Big Money
Mexico Energy: Now The Big Money
“Through these reforms, Mexico is taking critical steps to boost its competitiveness,” points out AS/COA's Chairman and Former U.S. Ambassador to Mexico John Negroponte.
While Brazil’s President Dilma Rousseff is busy blaming foreign banks and foreign media for the country’s problems and Argentina’s President Cristina Kirchner is playing games with US courts, Mexico’s president Enrique Peña Nieto made history this week by achieving congressional approval of his liberalization of the country’s energy sector.
Guess which strategy will bring the big money?
Mexican officials expect to see more than $50 billion in investments the next four years as a result of the country’s energy reform, which Peña Nieto signed into law on Monday. To put that in perspective, Mexico attracted an average FDI of $21.5 billion in the five year period 2009-13, according to a Latinvex analysis. In other words, reform will likely double that....
US business leaders also praise Peña Nieto for his energy reform. “We commend President Peña Nieto and the Mexican Congress for this momentous achievement,” Robert Mosbacher, Jr., former President and CEO of the Overseas Private Investment Corporation (OPIC) and Chair of the Energy Action Group of Americas Society/Council of the Americas, said in a statement. “Development of the energy sector will boost growth, create jobs, and improve livelihoods throughout Mexico, while contributing directly to building the economic competitiveness which all three North American nations seek.
"Through these reforms, Mexico is taking critical steps to boost its competitiveness,” John Negroponte, Chairman of the Council of the Americas and Former U.S. Ambassador to Mexico, said in the statement. “We believe that Mexico will take advantage of this opportunity to deepen investment and growth, which will have far reaching effects on the Mexican economy. We look forward to our continued engagement with Mexico on these matters....”
