Singapore-Mexico Chamber of Commerce Brings New Opportunities

The Grand Launch of the Singapore-Mexico Chamber of Commerce (SGMXCHAM) took place on Sep. 20. The chamber aims to bring together businesses and government entities from both countries to promote bilateral trade and investment. According to the most recent data by the chamber, there has been an increase in bilateral economic relations equivalent to US$4.0 billion, and there are still many commercial opportunities to be seized.

“The launch of the SGMXCHAM is a significant milestone for Singapore-Mexico trade and economic relations. It will help our local companies access and venture into Mexico and Latin America, and vice versa. We should tap on this momentum to bring our people and businesses together. Hopefully, this will bridge the distance between Latin America and Asia and strengthen the economy through diversification,” said Minister of State of Singapore, Alvin Tan, through Linkedin. 

Both Mexico and Singapore have been strengthening their commercial relations in recent years. In 2021, Singapore signed an agreement with the Pacific Alliance to form the Pacific Alliance-Singapore Free Trade Agreement (PASFTA), which will allow them to enhance business relationships, attract investments, expand market access for goods and boost access for service providers in a wide range of sectors. 

The SGMXCHAM is expected to provide further incentives for trade, investment and joint ventures in sectors like agribusiness, food and beverages, hospitality, manufacturing, logistics, IT and digital innovation, infrastructure, trade and finance. 

The chamber’s Honorary President will be the Mexican Ambassador in Singapore, Agustin García-López Loaeza and Executive President, Luis Coronado, Partner at EY and Global Tax Controversy Leader. Will be joined in the Board of Directors by: Alejandro Blanco, Founder and Managing Director, Plan B Ventures; Alessandro Perrotta, CEO; Interplex, Jorge Camez, Senior VP of Worldwide Procurement at Dell Technologies; Francisco Rios, Director, Group COO Office (Latam) at Sea; Juan Franco, CEO and Co-founder, Paymentez. As advisors: Chandra Mohan Rethnam, Partner, Rajah & Tann Asia and; Prasoon Mukherjee, Chairman and Founder, Universal Success Enterprises (USE). Lastly, as Liaisons, Gerson Garduño, Embassy of Mexico Liaison, and Trade & Investment Commissioner at Embassy of Mexico in Singapore; Representative in Mexico, Ari Ben Saks, Business Development Director at EY; and the Mexican Embassy in Singapore. 

Singapore represents a highly relevant commercial point for Mexico because it has the most important port in the world, which handles one-seventh of the world’s cargo and represents a commercial gateway to the rest of Asia. The Asian country is recognized for its innovation, leadership, excellent support schemes from government and associations and ease of doing business. According to the World Bank, it is the ideal country for international companies that want to have a presence in Asia and establish their regional corporate offices.