India, Mexico bilateral trade to reach $10 bn

New Delhi, Sept 10: The bilateral trade between India and Mexico is expected to touch 10 billion dollars over the next five years, from the current one billion dollars.

''Even without any trade promotional activities, the Indian investment in Mexico is about three billion dollars, with the largest chunk of investment created by the Mittal group at 1.3 billion dollars,'' Luis Werdman Chairman of Mexico India Business Committee, which is a part of Mexican Council for foreign trade, said here today.

Mexico has huge potential and tie up with Indian companies in sectors like auto components, pharma, IT, BPO, processed food and beverages, tourism and urban infrastructure can boost the bilateral trade between the countries, he said.

About 99 per cent of companies in Mexico form the small and medium entreprises (SMEs). Leading Mexican companies such as Bimbo, Gruma, ICA, Corona are exploring for their presence in the Indian markets, Mr Werdman said.

Engineering goods, chemicals, pharmaceuticals, gems and jewellery, and textiles are the main exports of India. Crude oil accounted for 90 per cent of the imports from Mexico.

The two countries were slated to sign an extradition treaty and pacts on mutual legal assistance in criminal matters and avoidance of double taxation after the Singh-Calderon summit.

Mexican President Felipe Calderon arrived here for a two-day visit, accompanied by more than 100 Mexican executives, to facilitate and promote business between the two countries.

UNI