India and Mexico, a business relationship that grows steadily

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India is one of the few countries that has cooperated with Mexico in the shipment of vaccines against Covid-19. Beyond that relationship, in the last decade its commercial ties have been strengthened, to the extent that its exchange of goods and merchandise has tripled, which positions that Asian country as one of the great options in the commercial diversification strategy of the country. the current government, according to specialists and official information.

Data from the Bank of Mexico indicate that in 2010 the commercial relationship between the two countries, measured by the sum of exports and imports, amounted to 2,800 million dollars; However, at the end of 2020, it stood at $ 6.8 billion, an increase of just over 140 percent.

Last year, trade between the two nations was affected by the passage of the pandemic, which did not reveal the true relationship, which is 2018 and 2019 was above 10 billion dollars, that is, almost three times. more compared to what was marketed 10 years ago.

INDIA Y MÉXICO: UNA ASOCIACIÓN VALIOSA Y NECESARIA | AS News

The strengthening of this relationship, plus the rapprochement shown by the current government, led to India sending 870,000 vaccines against Covid-19 to Mexico last February, made by the pharmaceutical company AstraZeneca, which have been used to vaccinate people for over 65 years. These vaccines are in addition to those sent by Russia, China, and more recently the United States, the latter two countries being Mexico’s main trading partners.

Due to the extension of its territory and the amount of its population (the second largest in the world only below China), India has become the sixth world economy, according to the latest update of the International Monetary Fund, in that Mexico occupies the position number 16.

For Rocío Méndez, a trade specialist at the National Autonomous University of Mexico (UNAM), over the years India and Mexico have been rivals in various sectors such as manufacturing, in which they stand out on a global scale due to their broad and specialized workforce.

However, in recent years they have shown interest in having synergy in important areas such as pharmaceuticals, where they have a different experience because while India stands out in the production and distribution of generic drugs, Mexico does so in research.

Some Mexican companies that operate in India are Nemak, Metalsa, Mexichem, Cinépolis, Kidzania and Grupo Bimbo. Meanwhile, those from that country here are Comstar, HCL, Hexaware, Infosys, JK Tire, Motherson Group, Spark Group, Sun Pharma, and Tata Consultancy Services, among others.

According to estimates by the Indian Chamber of Business, in Mexico, there are about 200 companies from that country installed in the national territory, which together, generate around 30 thousand jobs for Mexicans.

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In an effort to diversify Mexican trade, whose exports depend on 85 percent of purchases from the United States, nations such as China, India, and even Russia play a key role for the current government, which sees markets in the first two countries. with the largest number of people in the world, while with Russia, political ties have tightened since the arrival of President Andrés Manuel López Obrador.

Source: jornada.com.mx, elfinanciero.com.mx

Mexico Daily Post

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