- British companies reaffirm their interest in investing in Mexico’s energy sector, highlighting public-private collaboration as a driver of economic and social development.
- BritChaM supports the government’s objectives of advancing the energy transition, strengthening energy security, and decarbonizing the economy.
MEXICO CITY, Nov. 08, 2024 – The British Chamber of Commerce in Mexico (BritChaM) held the 23rd edition of Energy Day: Towards a Sustainable Future, bringing together leaders, government, academia, and energy industry experts to examine the direction of the energy sector under the new administration. Key topics included decarbonizing the economy, advancing the energy transition, the role of private investment, strengthening supply chains, and promoting regional growth in the face of geopolitical changes.
The United Kingdom is Mexico’s sixteenth-largest trading partner and the eighth-largest source of foreign direct investment in the country. In the past five years alone, British companies have invested over $5.1 billion, creating nearly 50,000 jobs in Mexico.
British presence in Mexico has been instrumental in regional growth. Notably, Jalisco, with $574 million; Mexico City, with $209 million; and Chihuahua, with $169 million, are the states receiving the most foreign direct investment from the UK.
British companies have reaffirmed their continued investment interest in Mexico and desire to support the expansion of development hubs outlined by the new government. They emphasized the importance of public-private partnerships and investment guarantees, such as the rule of law, independent regulators, and stable regulatory frameworks, all of which position Mexico as an attractive investment destination.
At the event’s opening, Angélica Ruiz, President of the British Chamber of Commerce in Mexico, emphasized, “BritChaM’s energy group is ready to support the government’s goals. This chamber includes companies across the energy value chain with extensive experience, best practices, operational capacity, human resources, access to capital, and a strong commitment to sustainability and the communities where they operate. These are resources Mexico can leverage to facilitate nearshoring.”
During the event, it was highlighted that the new administration’s energy transition goals are achievable given Mexico’s energy potential. Currently, renewable energy sources contribute 15 percent of the national energy mix, while natural gas accounts for 22 percent. These proportions can increase with the push for public-private collaboration, which would positively impact both emissions reduction and energy security.
British companies noted that their experience and best practices can contribute to the sustainable development of the energy sector, improving the country’s well-being, promoting the transition to cleaner energy sources, supporting decarbonizing the energy mix, and advancing regional and national development.
Finally, the challenges and opportunities Mexico faces in the current geopolitical context were discussed, with priorities being access to infrastructure, water, and clean energy. These conditions are essential to facilitate the arrival of new companies in the country and to capitalize on the opportunity of relocating supply chains. Joint work between government and industry on these structural aspects would strengthen Mexico against its global competitors and enhance the attraction of foreign investment and the creation of quality jobs.
BritChaM is a non-profit civil organization uniting British companies and professionals focused on investment and foreign trade between Mexico and the UK across various sectors.
