Indo-Mexican trade to double by 2010

New Delhi, Sept 10 (UNI) Trade between India and Mexico will double over the next three years from 1.8 billion dollars last year, Mexican President Felipe Calderon Hinojosa said today.

Offering preferential access to one billion customers to the Indian companies the President said, the country can be a crucial entry point as it has trade agreements with 44 countries, including the US.

Mr Hinojosa also announced the opening of a special office in Mumbai in the beginning of next year by ProMexico, a Mexican investment promotion organisation to promote bi-lateral trade between the two countries and facilitate trade enquiries.

He said Mexico and India are among the fastest growing economies, adding that the bi-lateral trade represents only 2.6 per cent of the Asia-Mexico trade.

''Industries of both the countries should look at the available opportunities and structural reforms in Mexico will assist Indian investors to set up a manufacturing base in Mexico,'' Mr Hinojosa said.

Mexico's policies are directed towards economic stability, public safety and increasing competitiveness making the country a natural platform for investment by 2012, he added.

Refering to the 'Goldman Sachs report', the President said India and Mexico are going to be the third and fifth largest economies of the world respectively.

Minister for Commerce and Industry Kamal Nath said investor-friendly policies and integration of economies provides tremendous opportunity for Mexico to do business with India.

''Besides being a preferred investment destination, India is also investing overseas and the growing trade volume reflects the same,'' Mr Nath added.

India and Mexico had signed an agreement to promote and protect bi-lateral trade and investment earlier this year in May and have formed a bilateral High-Level Group (HLG) to facilitate trade and economic cooperation.

''India and Mexico can co-operate in the areas of automobile, aerospace and electronics industry while information technology, bio-technology and pharmaceuticals can be the other areas of cooperation between the two countries,'' Mexican Minister of Economy Eduardo Sojo said.

UNI