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ProMéxico: its transition to the SE and SRE

What was the transition of ProMéxico to the Ministries of Economy (SE) and Foreign Affairs (SRE) like? A report by the World Trade Organization (WTO) provides the following answer.

To begin with, ProMéxico, the federal agency for export and investment promotion, was closed in 2019. Its competencies were transferred to the SE, which implements them in coordination with the SRE.

In 2019, the SE and the SRE signed an agreement to collaborate both in the formulation of the export and investment promotion strategy and in its implementation, which is carried out through the Mexican representations abroad.

Also in 2019, the SE created the International Business Center (CINSE) to promote exports and investments.

Likewise, in 2020 and 2021, the SE implemented three platforms, ExportaMX and ComerciaMX to promote a greater presence of the supply of Mexican products in the international market, and InvestinMX to consult the procedures for the establishment of foreign investment.

As in 2017, the General Directorate of Foreign Investment (DGIE) of the SE is in charge of foreign investment in Mexico.

The change of functions from ProMéxico to the Ministry of Economy was introduced to leverage “the capabilities of the Mexican Foreign Service in promoting foreign direct investment and fostering foreign trade.”

ProMéxico

As a result of this institutional change, export promotion policy also underwent modifications, since while ProMéxico offered export financing, the SE provides technical assistance, through strategic commercial information, and links Mexican companies with foreign companies.

ProMéxico provided financial support to exporting companies or companies with export potential to, among other things, hire consulting services, carry out market research or participate in international fairs.

In 2017 (latest available data), ProMéxico granted reimbursable financial assistance to 595 companies in the amount of about 24 million pesos.

The financial support was mainly used for strategic trade missions and technical assistance aimed at training personnel in foreign trade-related topics.

In 2022, the Federal Public Administration (APF) is composed of 22 centralized agencies and 203 parastatal entities; parastatals include state-owned enterprises. Since 2017, five parastatal entities have been closed, including ProMéxico, the former export and investment promotion agency.

 

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