Business In Mexico - The Opportunities
Information about Mexico
Information about MexicoMexico city is the capital with around 120 million people. Spanish is the primary language, but most of the business community will speak English.
Mexico's main trading partners are the USA, Canada, Germany, China, Japan and South Korea. It most important industries are food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables and tourism.
Mexico was one of the countries in Latin America that was the hardest hit by the global financial crisis with it's a negative -6.5 GDP in 2009. The reason for this is its heavy dependence of the US economy. They are slowly recovering and are forecasted to post positive growth rates for 2010.
Despite the violence that has been increasing in certain regions, Mexico still remains a strong manufacturing country to the Americans thanks to lower taxes, favorable labor laws and overall cheaper overhead expenses.
To successfully trade with Mexico, you will need to integrate yourself into their local customs. The dress code is conservative for both women and men. The high tech industry is usually dressed in a more relaxed matter.
Always arrive on time for meetings as your Mexican counterpart will. Do not plan too many things in one day as meetings will last through lunch and longer.
Business in Mexico always starts by building a strong relationship of trust. Once you have managed to do that, make sure you do not change members of your team. Be prepared to make several trips to Mexico before you finalized an important deal.
Small gifts can be given although they are usually not expected. More expensive gifts can be given as the relationship gets more serious.
As you can see, doing business in Mexico presents endless opportunities for international companies looking to expand to new markets. Be careful to respect the etiquette of the country and you will be off to a very good start.
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