He is accompanied by Chancellor George Osborne, Trade & Investment Minister Lord Green and over 25 UK companies, institutions and universities including Diageo, Rolls Royce, Virgin Atlantic and the Confederation of British Industry (CBI). Also travelling are Business Ambassador Tamara Mellon and pottery designer Emma Bridgewater.
Lord Green said: “Almost two hundred years ago, the UK was the number one European exporter to Latin America. British expertise helped to build Mexico’s railways and canals, but UK firms currently account for less than one per cent of Mexico’s imports. We need to turn this performance around in one of the world’s most promising markets.”
This year, Mexico is hosting the G20 summit in Los Cabos which is due to focus on growth and employment; strengthening the international financial architecture; financial market reform; and food security and development.
The B20 summit, which immediately precedes the G20 and is due to be opened by Mexican President Felipe Calderón, gathers senior business people to discuss themes such as growth, development, trade and investment.
The UK has made expanding trade with Mexico a priority, and Deputy Prime Minister Nick Clegg led a delegation there last year. Mexico is currently the 14th largest economy in the world and the second largest in Latin America, with a rapidly expanding middle class.
UK Trade & Investment has identified opportunities in Mexico in tourism, financial services, retail, environmental management, creative industries, machinery, health, education, aerospace, automotive and pharmaceuticals.
UK business leaders accompanying Prime Minister David Cameron to Mexico have underlined the potential of this market.
Dr. Neil Bentley, CBI Deputy Director-General, said: “This timely visit with the Prime Minister shows British companies are committed to strengthening their ties with Mexico, and is a great opportunity to showcase what the UK can offer, such as retail, luxury and consumer goods, and green technologies. Mexico is a vital trade partner for the UK, with its growing economy and burgeoning middle class, and demand for quality British goods and services is increasing. To achieve a potential £20 billion boost to the UK economy by 2020 through increasing exports, the UK must look beyond traditional markets and strengthen its relationships with fast-growing economies like Mexico.”