Policy dialogue meeting
The Japan Bank for International Cooperation (JBIC) held the seventh annual policy dialogue meeting with the Government of Mexico in Mexico City on March 5, 2019.
This annual policy dialogue meeting was based on the framework agreed upon in the Memorandum of Understanding (MOU)*1 signed on February 22, 2011, with the Ministry of Finance and Public Credit of Mexico (SHCP). This was the seventh annual policy dialogue meeting and also the first policy dialogue with the new Mexican administration, which is led by President Andrés Manuel López Obrador and started in December of last year.
The attendees from JBIC were Nobumitsu Hayashi (Deputy Governor), Kuninori Kuroishi (Senior Managing Director), Kazuhisa Yumikura (Managing Executive Officer, Global Head of Infrastructure and Environment Finance Group) and Shinya Miyake (Resident Executive Officer, Regional Head for the Americas), among others. From Mexico, senior government officials including Dr. Arturo Herrera (Deputy Minister of Finance) and Dr. Luz Maria de la Mora (Vice Minister for Foreign Trade) were in attendance. During the meeting, participants discussed the policies of the new Mexican administration, the outlook for the Mexican economy, and future cooperation between JBIC and Mexico.
Officials from the Government of Mexico explained their policies—which range from large-scale infrastructure projects they are focusing on to economic revitalization through the use of private-sector investments in the oil sector—as well as the significance of the United States-Mexico-Canada Agreement (USMCA) that reached consensus last year. In addition, the Government of Mexico referred to issues faced by the economy of the country, such as economic inequality among regions, while discussing potential areas where they could cooperate with JBIC.
During the discussion, JBIC and the Government of Mexico affirmed the importance of establishing an appropriate framework for risk allocation among project participants to promote infrastructure projects with private-sector participation. Both parties also shared an understanding of the importance of dialogue with the private sector, particularly in the oil sector in which policies of the new Mexican administration have attracted much attention, and in the trade and commerce field where the USMCA is expected to be ratified.
JBIC will continue to hold dialogues with the Government of Mexico and their agencies regarding the development and promotion of projects that are expected to increase new business opportunities for Japanese companies, while contributing to developing industry in Mexico based on the information and knowledge gained through the annual policy dialogue meetings.
- *1 For details, please see the press release issued on February 23, 2011.