Sunset at Playa Blanca, Photo by Page Cameron.
New Head Appointed for ProMexico
President Felipe Calderone has appointed Carlos Guzman Bofil as the head of the country’s investment and export authority known as ProMexico. Mr. Guzman has a bachelor’s degree in chemical engineering from Iberoamericana, a Masters in engineering from the Massachusetts Institute of Technology (MIT) and a Master’s degree in business administration from Stanford University. He has broad public sector experience including work at Hewlett Packard where he was General Manager of Commercial Computing for Latin America and Treasury Manager in the Financial Division in Palo Alto, California. His task will be to attract foreign investment and to promote Mexican products abroad. At the designation event, President Calderon said,” ProMexico must sell, acting as a sales organization for Mexico.” ProMexico has been involved in attracting direct foreign investment in the amount of $12 billion. It has nine offices in North America.
Mexico and Brazil Started Trade Negotiations Toward Bilateral Partnership
On November 8, Mexico and Brazil announced the start of trade talks to move toward a Strategic Agreement for Economic Integration between Latin America’s largest economies. The agreement would cover a thriving market with a combined output of over $2.4 trillion affecting a population of nearly 300 million people. Mexico and Brazil have also been among the largest recipients of foreign direct investment among the emerging economies, receiving more than $710 million until 2009. Both countries have become leading global traders, conducting exports and imports of over $750 billion annually. Bi-lateral trade between Mexico and Brazil totaled just $5.9 billion in 2009 which does not measure the potential of both countries to increase the flow of goods and services. The agreement aims to diversify exports, and promote bilateral trade and investment in order to boost economic growth and create jobs.
The agreement will be broad and reflects the commitment of both governments in the following aspects:
It will be comprehensive; meaning that in addition to duties on goods, it will include services, investment, government procurement, and intellectual property rights, among others.
It will recognize sensitive sectors of both countries.
It will ensure market access by addressing non-tariff barriers.
