CEO of ProMexico Francisco Gonzales Diaz said Wednesday that Mexico anticipates joining the global Halal food market, a lucrative force which comprises more than 112 nations and amounts to more than USD 2 trillion in annual revenues.
Diaz is part of a Mexican delegation headed by President Enrique Pena Nieto, visiting Kuwait where a series of agreements on cooperation between the two nations have been signed. In a statement, Diaz said while Kuwaiti and Mexican commercial ties have improved over the years, there is still room for additional growth.
The volume of trade exchange between the two countries has significantly increased, going up from USD 14 million to USD 38 million last year, Diaz noted.
Mexico is the seventh biggest mobile phone exporter to Kuwait and the fifth biggest steel exporter, a sign that trade ties between the two nations are more robust than what appears on the surface, Diaz noted.
Moreover, President of the Kuwait Chamber of Commerce and Industry Ali Thunayan Al-Ghanim said that "Kuwait has a vision for a more competitive economic scene", pointing to the country's increasingly active role on the global economic stage.
Al-Ghanim also acknowledged Mexico's prominent position in the global economic arena, saying that there is unlimited potential for increased cooperation between Kuwait and Mexico.
Director General of Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshal Al-Sabah highlighted the longevity of Kuwaiti and Mexican ties, saying the relationship between both nations has grown exponentially over the years.
Sheikh Meshal listed some of KDIPA's landmark achievements, including its ability to procure USD 1.2 trillion worth of foreign investment, a sign that the Kuwaiti market has become a magnet to foreign investors, he said.