New Delhi: Mexico is looking at $10 billion investments from India in the next five years, the head of a business delegation from the Latin American nation said.
“The government plans to increase the Indian investment in Mexico to $10 billion within 5 years,” Indo-Mexico Business Board, Comce, Mexico, chairman Luis Wertman said.
Currently, Indian investment in the country stands at $3 billion “without any promotion”, he said at an event ‘India-Mexico: Opportunities for Business’ jointly organised by industry bodies CII, FICCI and Assocham.
Mexico is looking at sectors like steel, automobile education, IT, pharmaceutical, tourism and infrastructure to draw investment, he said.
“We look forward to companies like Tata and Mahindra to invest in Mexico and are ready to provide all the facilities, Luis added.
Mexico is also exploring options to invest in India. The country’s largest bread maker, Binbo and Gruma and other Agro industries are looking at opportunities to step into the processed food segment in India.
There is a need to boost tourism sector in both the countries, Luis said, adding that although millions of Indians go out of the country every year of which the maximum goes to the US, not even 5,000 visit Mexico, which is just two hours flight from New York.
He invited hospitality companies like Taj and Leela Hotel to invest in Mexico.
Senior member CII V K Mathur said: “Oil is the need of the hour and India has to focus on new markets to get the momentum going. We have to go beyond Europe and build economic cooperation.”