Did you know that Mexico is the second-largest export market for the U.S.?
Since the implementation of NAFTA in 1993, U.S. trade with Mexico has grown dramatically. This relationship has contributed to important economic growth in Mexico, which is currently the second-largest market in Latin America after Brazil.
Recent government spending and strong private consumption in Mexico is driving unprecedented opportunities for Delaware businesses, especially in the Bioscience, Chemical and Agriculture and Information/Communication Technology (ICT) industries. Mexico purchased over $60 billion in U.S. products and services in these sectors last year.
ICT and Bio-Science Firms leading Delaware Expansion Efforts
Mexico’s IT market is expected to grow to $393 billion in 2018 as a result of the government’s investment in IT solutions to improve tax collection, health services, trade and security. The administration has committed to increasing broadband penetration in rural areas to improve internet connectivity for small and medium enterprises (SME). This will boost ICT demand significantly, creating opportunities for Delaware ICT companies to do business there.
Mexico is the top medical device importer for Latin America; last year, the country purchased $3.5 billion in medical equipment from U.S. manufacturers. The government anticipates an increase in chronic illnesses as the population ages, which will require significant investment in medical equipment for the country’s 4,700 hospitals. Delaware’s bio-science companies are well-positioned to help meet that demand.
Recently appointed trade rep Miguel de Regil is ready to assist Delaware companies expand operations in Mexico.
Global Delaware has organized an exclusive program to work with Miguel during the State’s trade mission to Mexico from September 29 through October 3, 2015. Delaware businesses are encouraged to apply for this exciting expansion opportunity!
Email Beth Pomper at Beth.Pomper@delaware.gov or David Máthé at David.Mathe@delaware.gov for details about the mission.
Photo credit: Flickr Creative Commons