New mega port in northern Mexico will be the third-largest port on the West Coast

Mexico invites Chinese investments

Updated: 2012-05-16 19:37

By Li Jiabao ( chinadaily.com.cn)

Mexico has a huge need for Chinese investments in infrastructure and tourism, said former Mexican president Vicente Fox Quesada.
"Chinese investments in Mexico can make use of the competitive labor costs and move the products to the US as well as South America," he said.
Mexico is planning the Punta Colonet deep-water port with an investment of $8 billion, as well as the Cabo Cortes project, a 3,800-hectare hospitality and leisure real estate community in the southernmost tip of the peninsula of Mexico that will cost $292 million.
"Currently the ports of Long Beach and Los Angeles in the US, that handle 40 percent of the merchandize from China into the US, are saturated. The mega port in northern Mexico, which will be the third-largest port in the American Continent West Coast Pacific, will be the most convenient port for Asian imports into the Americas," he said.
The port, with a shorter distance to China than the Port of Los Angeles, will probably bring about great change to China’s trade with the Americas, said Zhang Wei, deputy president of China Council for the Promotion of International Trade.
Mexico’s tourism industry also welcomes Chinese investments, said Fox, adding that tourism contributed about 11 percent to its annual GDP growth and more than 23 million tourists visit the country each year.
China is the second-biggest trade partner of Mexico and bilateral trade surged 40 percent in 2011 to $30.45 billion.