Left Menu
Development News Edition

Mexican business leaders to sign investment pact with president

Reuters | Mexico City | Updated: 13-06-2019 03:52 IST | Created: 13-06-2019 03:50 IST
Mexican business leaders to sign investment pact with president
Image Credit: Wikipedia

Mexican business leaders will sign a pact with President Andres Manuel Lopez Obrador on Thursday to foster investment, Mexico's top business association said, potentially heralding an improvement in sometimes tense relations between the two sides. The Business Coordinating Council (CCE) said in a statement the accord to promote "investment and inclusive development" would be inked in Mexico City in the presence of cabinet ministers and business leaders.

Lopez Obrador, a leftist who has shunned foreign and private investment in some sectors, caused fury among influential business figures by cancelling a partially-built new $13 billion airport for Mexico City a few weeks before he took office in December. The scrapping of the airport led to major losses on Mexican financial markets, and some of the president's other priorities, including a new publicly-financed oil refinery, have been viewed with skepticism by many in the business community.

The economy has struggled, contracting by 0.2% quarter-on-quarter during the first three months of 2019, and the central bank has expressed concern about sluggish investment in Mexico. The CCE gave no more details, but a senior Mexican business source, speaking on condition of anonymity, said the accord was the product of more than two months work by bosses aimed at lifting business activity in Latin America's no. 2 economy.

A spokesman for the Mexican presidency described the investment pact as proof that domestic and international investors had confidence both in the economy, and the government's development and infrastructure plans. The pact touched on projects ranging from energy, infrastructure, healthcare and other areas, and had been lent extra urgency by threats from U.S. President Donald Trump to hit Mexico with punitive trade tariffs, the business source said.

The accord aimed to give employers in Mexico the chance to turn their attention to realizing projects that have not been clouded by politics to date during Lopez Obrador's term, the source added. The source also expressed hope the pact could usher in a more collaborative spirit between the Mexican president and business leaders.


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

U.S. general say he is not convinced Russian cash led to U.S. deaths in Afghanistan

A top U.S. general said on Tuesday he was not convinced any Russian bounties resulted in the deaths of U.S. troops in Afghanistan, even as he acknowledged his concerns about Russian intentions toward the United States.U.S. officials say the...

US university rules out removing Gandhi statue from peace garden

A university in California in the US has ruled out removing a statue of Mahatma Gandhi after an online petition demanded that it be removed in solidarity of the Black Lives Matter movement. An Indian-origin student from the California Stat...

Mexico finds remains of another missing student, attacks 'false' history of events

Investigators have found a bone fragment belonging to one of 43 students who disappeared in Mexico in September 2014, prosecutors said on Tuesday, only the second set of remains to be definitively identified in a case that roiled the countr...

U.S., S.Korean officials discuss N.Korea strategy as Pyongyang rejects talks

The U.S. point man for North Korea met with South Korean officials in Seoul on Wednesday for wide-ranging talks, overshadowed by Pyongyangs insistence that it has no intention of returning to denuclearisation negotiations any time soon.Step...

Give Feedback