UAE-Mexico ties make even more sense in today's world

Our partnership becomes crucial amid the coronavirus-induced global economic downturn, writes Graciela Marquez

Mexico's Economy Minister Graciela Marquez explains why UAE-Mexico relations are important in today's complex world. Reuters

Today we celebrate 45 years of diplomatic relations between Mexico and the UAE, a commemoration that comes at an unprecedented moment in the world economic scene and that raises the need to identify opportunities over and above challenges.

In February, we had the honour of hosting, at the Ministry of Economy, the “Mexico-UAE Business and Trade Forum” to explore economic opportunities that exist in our markets within the framework of a fruitful working meeting. The occasion allowed us to exchange ideas and expectations with the visiting delegation of entrepreneurs on areas with potential to strengthen our economic co-operation. We have promoted areas of mutual interest, such as attracting investment, strengthening small and medium-sized enterprises, and tightening business relations.

Economic relations between the UAE and Mexico should continue to grow, taking into account that this country is our second trading partner in the Middle East. In 2019, we recorded an increase of about 16 per cent of our total commercial exchange, compared to the previous year, in the areas of automotive, electrical components and medical instruments.

We are keen to enhance our communication and encourage the deepening of trade and investment even as we overcome our geographical distance. To achieve this, we – the government and private sectors – are working together to take advantage of the opportunities that this relationship offers. We want to extend our support particularly to SMEs to help them overcome the first obstacle they face when entering a market: the lack of information. To this end, we have developed tools such as ExportaMx, a platform that provides information on existing economic opportunities for Mexican companies based on product and country. The idea is that we advance together, through close support and based on data analysis.

The UAE continues its rapid transition towards a more flexible and open economy, showing a keenness to receive more products and investment from our country. Mexico, meanwhile, is also an open economy that expects to create a conducive and responsible environment, in order for foreign direct investment to help produce mutual benefits and support our SMEs as they integrate with the global value chain.

Our economies are prepared to continue strengthening ties, which is cause for celebration, today more than ever.

Dr Graciela Marquez is Mexico’s Minister of Economy

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