While the world is recognizing Mexico’s potential, its good old neighbor, the U.S., isn’t shying away. The U.S. has accepted that both countries can benefit each other by maintaining a cordial relationship. An official declaration by a top official at the U.S. Chamber of Commerce states that there has been an increase in interest in Mexico among U.S. companies. The initiative of Mexican government to open up more private investments, develop transportation, and make the telecommunications sector competitive has appealed to the U.S.

Myron Brilliant, Senior Vice President for International Affairs at the largest U.S. business lobbying group announced that Exxon Mobil Corp., a U.S. based company, intends to do business with Mexico. In an interview Brilliant said, “We see huge opportunities for collaboration with Mexico, and we’d like to build on the opening that has been presented by Pena Nieto. Now the devil is in the details; how to pry open the door, how to modernize and update energy production. That means changes to Pemex, it means fundamental changes.”

Mexico is Latin America’s second-biggest economy and has the third-largest proven oil reserves in Latin America after Venezuela and Brazil. The new President of the country, Enrique Pena Nieto was always pro-market and promised to open Pemex, a state-owned oil company, to more private investment. President Pena Nieto also aims to frame a proposal to be presented before the Congress regarding the same.

After the late President Lazaro Cardenas, Pena Nieto’s initiative may be the the biggest energy-industry overhaul. Seventy-five years ago late President Lazaro Cardenas seized oil fields from British and U.S. companies and is regarded as the person who secured Mexico’s vast oil profits for its citizens. Now the responsibility to use this natural resource for the wider benefit of the country lies on President Pena Nieto, who is shouldering it very well.

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