Singapore to support Mexico's special economic zones
Mexico's federal authority for the development of special economic zones (ZEE) signed an MOU with Singapore's international trade promotion agency IE Singapore to support the development of the recently created areas in the country's southern states.
The ZEEs were created by presidential decree last year and investment is expected to come mostly from the private sector.
The agreement includes information sharing, best practices, as well as promoting cooperation between institutions from the two countries, the federal authority said in a news release.
"We're hoping to strengthen our collaboration with the federal authority for the ZEE in regard to the infrastructure, energy and logistics sectors," said Sung Pei Yew, IE Singapore's assistant CEO.
The creation of Mexico's ZEEs led to expectations of major infrastructure investments in some of the country's less developed and more socially marginalized states. In February, the federal authority said these areas could see 100bn pesos (US$5.2bn) in infrastructure investment opportunities, including transport, logistics, water and sanitation projects.
A recent announcement said the development of rail projects in the zones could see a 13.61bn pesos (US$718mn) in investments to be distributed in six port areas.
Singapore is the third largest investor in Mexico among the Asia-Pacific countries and the 19th biggest worldwide. Between January 1999 and March 2016, companies from Singapore invested US$1.7077bn in the country.
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