ProMéxico woos Japan energy investors

Mexico's trade promotion agency ProMéxico has signed a memorandum of understanding with Mizuho Bank in a bid to attract Japanese investment in Mexico's energy, infrastructure and automotive sectors.

Mizuho Bank, part of the Mizuho Financial Group, is a pioneer in brokering Asian loans syndicated to Latin American institutions and has business cooperation agreements with Mexican banks Banorte and Santander México, according to a ProMéxico press release.

"The ProMéxico office in Japan has found an ally in Banco Mizuho, both for the promotion and investment in infrastructure projects in Mexico, and for financial support for companies in the Japanese private sector seeking to invest in Mexico," said ProMéxico CEO Francisco González Díaz.

A survey by the Japan Bank for International Cooperation (JBIC) in February ranked Mexico sixth in the world, one place higher than last year, for its medium-term business prospects.

Under the agreement, ProMéxico and Mizuho will work together to promote trade and investment between Mexico and Japan, targeting the energy, infrastructure and automotive sectors, including the technology industries for renewable and petrochemical energy sources, ProMéxico said.

The two institutions will promote the organization of investment promotion seminars in Japanese cities to let Asian companies know about the business environment in Mexico.

Trade between Mexico and Japan grew 71% between 2004 and 2014. Japan pumped more than US$20bn into Mexico last year, ProMéxico said.

Among the Japanese firms that have invested in Mexico are Nissan, Toyota, Honda Motor Company, Sony, and NR Finance, while Mexican companies such as Metalsa, Mexichem Flúor, Grupo Bocar, Kidzania, and Grupo Altex have investmed in Japan.

BNamericas will host its 3rd Mexico Oil & Gas Summit on April 15-16, and its 3rd Mexico Electric Power Summit on May 13-14, both in Mexico City.