Publication
Notes and Highlights From the 14th U.S.-Mexico CEO Dialogue Held in Mexico City
On October 14 and 15, 2024, the U.S. Chamber of Commerce and the Consejo Coordinador Empresarial (CCE) convened in Mexico City for the inaugural high-profile meeting of newly appointed President Claudia Sheinbaum with CEOs and senior executives from both the U.S. and Mexico. This initiative aims to enhance economic growth through increased bilateral trade and investment by bringing together business leaders committed to fostering a robust trade relationship.
The dialogue included five main discussion groups focused on:
- Investment
- Trade Facilitation
- Trade Policy
- Energy and Services
- Climate Change
Participants and Key Figures
The event was attended by President Sheinbaum, members of her Cabinet, and 240 CEOs and business leaders from both countries. Notably, Marcelo Ebrard, Mexico’s Minister of Economy, reported that 15 new companies expressed interest in investing during 2025.
Engagement with the New Government
U.S. Chamber President and CEO Suzanne P. Clark engaged with President Sheinbaum and key Cabinet members, marking the first interaction between the private sector and the new government. During the discussions, President Sheinbaum outlined her vision for shared prosperity and the transformative potential of nearshoring to strengthen value chains and drive economic development.
Clark underscored the significance of the USMCA in promoting continued North American integration and competitiveness, stating “The U.S. has no more important economic partner than Mexico. We are each other’s largest trading partners, exchanging nearly $900 billion in goods and services annually. Not only do we trade; but we make things together: our shared supply chains have resulted in U.S. investment accounting for more than 40% of Mexico’s total foreign direct investment, supporting millions of good jobs in both countries.”
Clark also addressed the challenges facing the partnership, urging all parties involved in the USMCA to uphold their commitments and raising concerns regarding recent overhaul of the Judiciary Branch in Mexico. She commended President Sheinbaum’s dedication to reassuring the international business community about the security of their investments in Mexico.
CCE President Francisco Cervantes reiterated the urgency for swift, coordinated actions to tackle global challenges, such as supply chain relocations and geopolitical conflicts. He emphasized that North America can solidify its position as a competitive region if business leaders collaborate to identify solutions in investment, trade policy, services, energy, and climate change.
Major Investments Highlight Mexico’s Economic Growth
After the event ended, President Claudia Sheinbaum announced major investments reinforcing Mexico’s economic growth and highlighting the country’s strategic importance as a business hub:
- Woodside Energy, an Australian oil and gas company, has signed a 20-year agreement with Mexico Pacific to purchase 1.3 million tons of liquefied natural gas (LNG) annually from the Saguaro Energia LNG project in Sonora, Mexico, reinforcing Mexico’s critical role in the energy sector.
- Royal Caribbean, a global cruise company, announced a $1.5 billion investment to develop a new tourism hub in Mahahual, Quintana Roo. This initiative is expected to significantly enhance local tourism and create new employment opportunities.
- Amazon committed $6 billion to strengthen its logistics network in Mexico and enhance its digital infrastructure, solidifying its e-commerce and cloud computing services in the country. This investment positions Mexico as a vital market for Amazon’s growth in Latin America.
- Woodside Energy, in partnership with Petróleos Mexicanos (Pemex), is currently developing an oil field in deep waters 180 kilometers east of Matamoros, Tamaulipas. The investment amounts to $10 billion to produce, starting in 2028, approximately 110,000 barrels per day of crude oil and 90 million cubic feet of gas.
These developments reflect Mexico’s evolving role in global trade and investment, presenting numerous opportunities for businesses to thrive.
If you would like to know more about investing in Mexico and Snell & Wilmer´s capabilities in the Mexican market, please contact us:
- Carlos Sugich – Partner (csugich@swlaw.com)
- Carlos Freaner – Partner (cfreaner@swlaw.com)
- Alonso Sandoval – Senior Attorney (asandoval@swlaw.com)
- Estefania Soto – Associate (esotovazquez@swlaw.com)
- Alvaro Fox – Associate (afox@swlaw.com)
Upcoming Snell & Wilmer Webinar Event
Additionally, Snell & Wilmer is hosting a webinar series on Navigating Business Opportunities in Mexico, with the first program focusing on real estate investments and nearshoring. Join us on Wednesday, November 13, 2024. Click here for more information and to register.
About Snell & Wilmer
Founded in 1938, Snell & Wilmer is a full-service business law firm with more than 500 attorneys practicing in 16 locations throughout the United States and in Mexico, including Los Angeles, Orange County and San Diego, California; Phoenix and Tucson, Arizona; Denver, Colorado; Washington, D.C.; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Portland, Oregon; Dallas, Texas; Salt Lake City, Utah; Seattle, Washington; and Los Cabos, Mexico. The firm represents clients ranging from large, publicly traded corporations to small businesses, individuals and entrepreneurs. For more information, visit swlaw.com.
