The Houston-Mexico relationship, which is worth $30.6 billion annually in business, is set to grow.
A delegation of US business leaders, led by the Greater Houston Partnership, made its way to Mexico City to discuss commerce and investment opportunities.
The visit follows a major energy reform which is taking place in Mexico. The country is opening up its petroleum and gas industry to exploration by foreign companies for the first time in nearly eight decades.
Greater Houston Partnership President & CEO Bob Harvey, said:
“We applaud the energy reform efforts that are taking place in Mexico. These reforms will benefit the Mexican people and the Mexican economy.”
“Houston is the Energy Capital of the World, and Houston companies stand ready to assist in the development of the Mexican energy industry in any way we can.”
The Houston delegation included Eduardo Aguirre, former US Ambassador to Andorra and Spain and Chairman/CEO of Atlantic Partners Group, as well as Mexico’s US Consul General Luis Malpica. Several leaders of Houston-area companies with interests ranging from energy to sustainability to investments and international trade also formed part of the delegation.
Many opportunities in the energy sector
The delegation met with Petróleos Mexicanos (PEMEX) and several senior government officials. This is the first visit to Mexico by a Houston business delegation with officials under President Enrique Peña Nieto’s administration.
Ambassador Aguirre, member of the GHP Board of Directors, and chairman of the Partnership’s International Investment and Trade Committee, said:
“The energy sector plays a critical role in the well-being of the world economy. It is vital that Houston continue to build strong partnerships with strategic global markets, such as Mexico. Mexico and Houston have consistently shared interests in balancing energy demands with sound environmental objectives, economic growth and job creation.”
“Partnerships across nations will secure the future of energy in Houston and ensure the continued prosperity of the world economy.”
Houston-Mexico have much in common
Mexico is one of Houston’s major global trade partners. Mexico shares considerable cultural and business connections with Houston.
Houston’s biggest international trade partner is Mexico, and Houston is Mexico’s fourth largest US gateway for international trade.
Over eleven-hundred companies in Houston report business or trade ties with Mexico. Of the 511 companies in the Houston area affiliated with Mexican subsidiaries, forty-seven are based in Houston, and operate in 152 subsidiary locations across Mexico.
Among the several companies with considerable operations in Mexico are Weatherford International Inc., Victory Packaging Inc., National Oilwell Varco Inc., Halliburton Company, Exterran Holdings Inc., Cameron International Corporation, BJ Services Company, Baker Hughes Inc., Exterran Holdings Inc., and ABS Consulting.
Mexican companies operate in 20 subsidiary locations in the Houston metropolitan area.
Over 40% of Houston’s foreign born population was born in Mexico.