UKTI country profile – Mexico
Luis Calette from UKTI Mexico talks about the opportunities for East of England businesses in Mexico.
1) What would be your advice to East of England businesses looking to do business in your Mexico for the first time?
• Do your homework: Mexico is full of opportunities in various sectors but it could be a complicated market for new exporters. Learning what the business landscape is like and regulations is crucial, in addition to finding the right partner (distributor, agent, etc.). Also Mexico is a very open economy, having 12 Free Trade Agreements with 44 markets including the EU, so in a lot of areas competition is just as sophisticated as in developed markets.
• Be persistent: Mexicans like to build close relationships with their business partners. So it’s likely a company would have to make several visits in order to build trust and then be in a position to do business.
2) Why is now a good time for East of England firms to be looking to do business in Mexico?
• Mexico has been going through a period of Macroeconomic stability, 12 free trade agreements with 44 markets, population of over 112 million, average age of 26 and a growing middle class have made this one of the best times in years to enter the market. Mexican consumers are very open to trying new products and British products are highly regarded.
3) What are the key opportunities for East of England companies looking to approach Mexico?
• UKTI Mexico has helped thousands of companies do business in Mexico. Some of the areas we focus on are: ICT, Telecommunication, Retail, Energy, Security, Education, Healthcare and Advance Engineering, among several others
• Mexico is a very developed market with substantial opportunities for companies looking either enter and industrial supply chain, look for a distributor, sell directly to government or going direct to retail
4) For companies coming to explore your market what sort of support can you offer to help them develop their exports in your market?
• We can help companies find distributors, agents or representatives
• Facilitate introductions with public and private sector contacts
• Organise promotional events
• Provide in depth market research on a specific sector or product