NEW DELHI (Sputnik) — Mexico, one of the world’s largest energy producers, launched sweeping energy reforms last summer to reopen its market for foreign companies and private investors. Indian firms lined up to bid in the auctions that awarded permits to participate in Mexico’s industry.
"Energy possibilities are [a] very important part of our relation not only because we sell oil to India but because you have very good and very important Indian enterprises in that field," Pria said, adding greater Indian presence would be a "win-win."
Mexico auctioned off thousands of megawatts in its electricity generation market a few weeks ago. India’s solar panel maker Vega Solar Energy won part of that bid, the Mexican ambassador said, adding more Indian enterprises were interested in coming to the Central American nation.
G20 Boosts Indian-Mexican Relations
"There are many things in which Mexico and India worked together, not only in the UN arena but also in the financial governance in the world like G20. So G20 has given naturally a boost to already a very good relationship between Mexico and India," Pria said.
Mexico and India have a long history of cooperating across international platforms, she added, stressing that both have been focusing on non-alignment and today cooperate in areas such as climate change, governance, transparency and sustainable development.
India, Mexico to Hold High-Level Trade, Investment Meeting in June
"We are very happy to know that the high level meeting on trade and investment is going to meet in Mexico next month. This will give us opportunities for both governments to do the framework and enhance the possibilities of trade to happen between the two countries," Pria said.
The countries’ bilateral trade flows neared an annual $7 billion in 2014. The diplomat said Mexico was India’s biggest investor and a major destination for Indian direct investments. Additionally, the two partners have been in talks on a range of economic projects, from mining to food-processing.
Indian Foreign Minister to Visit Mexico in October
India's External Affairs Minister Sushma Swaraj is due to visit Mexico in October, where she will attend a meeting of the Indian-Mexican Bilateral High Level Group (HLG) on Trade, Investment and Economic Cooperation, Melba Pria told Sputnik.
"Sushma Swaraj is coming to Mexico in October [when] we have the meeting of our high level group of trade and investment," Pria said.
In early March, the secretary of the Indian Commerce and Industry Ministry's Department of Commerce, Rita Teaotia, said that the economic cooperation HLG is likely to meet soon in Mexico as the last meeting was held as far back as 2012. The current $6.2 billion in bilateral trade between the two countries is below its potential and therefore could be boosted through mechanisms to facilitate trade and investment, as well as a liberalized visa regime, according to the secretary.
"People have been coming and going [between the two countries] to enhance that relationship and to make it more valuable," Pria noted.
In early March, Mexican Foreign Minister Claudia Ruiz Massieu visited India where he met Sushma Swaraj to discuss issues of political, commercial and trade, financial and technical cooperation, as well as regional and international matters, according to India's Ministry of External Affairs.
The Indian-Mexican HLG was established after a memorandum of understanding was signed in 2007. The group aims to improve economic relations between the two countries by facilitating access to mutual markets, avoiding the formation trade barriers and creating bilateral consultative mechanisms.
