Chicago and Mexico Sign MOU
World Business Chicago (WBC) recently signed a memorandum of understanding (MOU) with ProMéxico, the Mexican government institution in charge of strengthening Mexico’s participation in the international economy. The MOU is the first of its kind, connecting Chicago to a nation’s economic development agency, and it signals the next step in a promising relationship that is developing between the two organizations.
“I’m pleased that World Business Chicago and ProMéxico are formally strengthening ties and seeking opportunities to grow Mexican businesses in Chicago, while strengthening economic relationships between Chicago businesses and Mexico,” says Chicago Mayor Rahm Emanuel. “It is essential that we build upon our strong connections to foster economic growth and opportunity for both Chicago and Mexico.”
“This MOU is a milestone of the already very strong relationship between the Chicago and Mexico communities,” says Minister Jorge Lopez, ProMéxico and NAFTA Director. “We will be working with the businesses on both sides, to generate more projects in Chicago and Mexico, which ultimately will translate to additional job creation.”
An estimated 119 Chicago-based companies have a presence in Mexico, including 64 in Chicago’s Sister City, Mexico City. There are approximately nine daily nonstop departures from Chicago to Mexico. Chicago Customs District exports to Mexico in 2012 totaled $368 million, led by pharmaceuticals, machinery/computers and optic/photo/medical instruments; imports from Mexico in 2012 totaled $243 million with electronics, machinery/computers, and optic/photo/medical instruments leading.
Image courtesy of World Business Chicago.
Compiled from World Business Chicago enewsletter.