The document discusses trade and investment opportunities between Spain and Mexico. It notes the strong historical and cultural ties between the two countries and highlights some key facts about their economic relationship: - Trade between Spain and Mexico has increased 180% between 2003-2014, making Spain Mexico's 4th largest export destination. - Spain is the 2nd largest foreign investor in Mexico, having invested over $50 billion in the last 15 years. Mexican investment in Spain has also grown significantly to $8 billion between 2001-2015. - Important sectors for Spanish investment in Mexico include tourism (building 18,000 hotel rooms and creating 9,500 jobs) and renewable energy (over $5 billion in financing to Spanish renewable energy businesses).

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Trade and Investment Opportunities between Spain and Mexico
By Enrique de la Madrid
The relationship between Spain and Mexico is distinguished by the strong historical and cultural ties that
bind them. For over 200 years, our two countries have maintained a fraternal relationship, characterized
by close ties with the private sector, as well as the extraordinary dialogue at all levels of government,
making King Phillip the Sixth’s state visit to Mexico appear at first glance to be a runaway success.
Within the framework of this visit by the Spanish Royals, I had the opportunity to introduce the Spanish
monarchs and President Peña Nieto to the exhibition “Más México para el Mundo”, funded by
Bancomext and presented at the Manuel Felguérez Museum of Abstract Art in Zacatecas.
The exhibition consisted of 100 photographs and 60 informative graphics showing data, graphs and
maps, intended in the first instance to highlight Mexico’s importance on the world stage due to its many
comparative advantages such as a strategic geographical location, macroeconomic stability, an open
economy, abundant energy resources and positive natural and demographic factors.
Added to the above is the series of structural reforms which are already showing favorable results. For
example, the cost of electricity for high-consumption industries has been reduced by 35% so far in 2015,
while formal employment has grown significantly with the creation of 960 thousand new jobs registered
with the Social Security Authority since the approval of the Labor Reform.
The showing also highlighted Spain’s importance as Mexico’s trading partner and investor. To this end, I
also wish to share some information that is relevant to this important relationship.
International trade between Spain and Mexico went from 3.8 billion dollars in 2003 to 10.7 billion at the
end of 2014. The above represents a total increase of 180 percent.
Currently, Spain is the fourth largest destination for Mexican exports, which reached close to 6 billion
dollars at the close of 2014 and have had an average annual growth rate of 10% over the last decade. In
this way, our balance of trade with the Iberian country has a surplus of 1.2 billion dollars.
Also, Spain and Mexico have a very important investment relationship. In the last 15 years, over 50
billion dollars in Spanish investment has been accumulated in Mexico. During 2014, Spain was the
second largest investor in Mexico, after the United States.
It should also be highlighted that Mexican investment in Spain has grown significantly. Between 2001
and 2015, Mexican businesses invested close to 8 billion dollars in the Iberian nation.

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Given Spain’s commercial importance for this country, Bancomext has supported many Spanish
businesses in investing in Mexico. At the same time, it has provided funding to many Mexican businesses
to export products to Spain or even incorporate themselves into the supply chain of Spanish businesses
located in Mexico.
One of the most relevant sectors to Spanish investment in Mexico is in the tourism industry. Financing
has now been given to seven Spanish groups which have built 18 thousand hotel rooms in Mexico to
date, with which 9,500 direct jobs have been created.
Similarly, a number of Spanish renewable energy projects have been supported. Spain has a highly-
developed wind and solar power industry and, in the interest of boosting the energy sector, Bancomext
has given financing of around 5 billion pesos to Spanish businesses in the industry.
Additionally, Bancomext has supported Spanish banking in Mexico through its Guaranty and Funding
program with over 500 million dollars so far during the current administration.
Among Mexico’s markets, there is no doubt that Spain represents one of those with the greatest
potential. This country has the right elements to take advantage of this and many other trade
relationships in order to boost its already important external sector.
@edelamadrid
The author is the General Director of Mexico’s Export Bank (Bancomext).
This article was originally published in El Universal Newspaper.
http://www.eluniversal.com.mx/entrada-de-opinion/articulo/enrique-de-la-
madrid/nacion/2015/07/3/oportunidad-en-la-relacion
Translation provided by Nuricumbo + Partners
Nuricumbo +Partners is a consultingfirm based in MexicoCity.
We are specialistsin Mexico andLatinAmerica.
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