Italy Pledges €100 Billion to Boost Business in LATAM

Italy announced financial support of over €100 million (US$113 million) to support Italian companies venturing in Latin America, with Mexico being a key target. Italian and Mexican authorities recognized the complementarity of both economies and agreed on the need to strengthen ties. 

During the Mexico-Italy Business Forum, Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, noted that Italy has a wide footprint in Mexico, and it can be even bigger with cooperation from both parties, as North America and Europe still hold untapped potential. "My dream is to see a single, unified market across North America and Europe. Mexican and Italian entrepreneurs can collaborate effectively here in Mexico, throughout North America, and also in South America,” Tajani said.

Tajani said Italy has room for investment in Mexico and also to buy more from the country, adding that Italian agencies such as SIMEST, CDP, and SACE have financial instruments of over €100 million to help Italian companies to venture into Latin America to strengthen their ties with the region. "I believe we can increase our investments and expand our purchases from Mexico. I also think it would be beneficial to bolster Mexico's exports to Italy. Such steps would be important for forging stronger ties, working collaboratively, and establishing joint ventures (JVs) here in Mexico. This conveys a very clear message aimed at reinforcing the presence of Italian companies in this country,” Tajani added, inviting Mexican companies to also invest in Italy, as the country offers favorable conditions for Mexican entrepreneurs.  

Mexico's Minister of Economy Marcelo Ebrard highlighted that it has been over 10 years since an Italian representative of Tajani's standing last visited the country. Over the decade, Mexico has bought over US$90 billion from Italy, mainly machinery. “Italy has played a key role alongside Mexico, supporting the development of our export capacity. We are now embarking on a new chapter, one where we will see increased integration among like-minded economies. This means the progress we have made together is set for substantial expansion in the future. Our goal remains to be strong partners and to continue working closely together," Ebrard stressed.

After a bilateral private meeting, Ebrard announced that both countries agreed on strengthening ties in the naval, aeronautical, metalworking, and automotive industries. He further highlighted plans for joint work on AI initiatives and semiconductors. 

Support on Security Issues

Tajani also offered Italian support to address insecurity in Mexico due to the country’s experience in fighting criminal groups. Recalling Italy's own challenging history, Tajani spoke of the nation's fight against the mafia, crime, and political terrorism. He mentioned Italy's successful efforts against powerful criminal organizations such as the Cosa Nostra in Sicily, the ‘Ndrangheta in Calabria, and the Camorra in Naples. "We know what it is to live with fear, with murders in broad daylight, and that is why we are going to support Mexico in its own battle against crime,” Tajani concluded.