BlackRock sees unbeatable conditions for foreign investment in Mexico: Mexico’s President Andrés Manuel López Obrador

Photo: Government of Mexico

President López Obrador said that the investment fund BlackRock sees unbeatable conditions for foreign investment in Mexico. 

President Andrés Manuel López Obrador said last Thursday that Larry Fink, president of the BlackRock investment fund, told him that Mexico has unbeatable conditions for attracting foreign investment.

The President said that the business executive formally invited him to a meeting to be held in New York in September, to discuss possible investments that would be destined for the country.

 “We agreed that there are unbeatable conditions in Mexico for foreign investment, that Mexico is one of the countries with the most competitive advantages in the world, for investment, he even invited me to have a meeting in New York in September about investments for Mexico and we will see, there is still a long way to go”, he said.

“But every time he comes, we talk, and he has a very up-to-date vision of what is happening in the world and he is an intelligent person. He studied political science. He is my colleague, he is my age, so he is already getting old, just like the one who is talking to you,” said the president during his press conference at the National Palace.

According to Bloomberg, BlackRock will close two of its high-yielding Mexican equity exchange-traded funds this month because investors showed little interest in such products.

These are the iShares Mexico Momentum TRAC and the iShares MSCI Mexico Risk Track, which were suspended from the exchange last Monday and are expected to close at the end of this month amid the worst period for the Mexican stock market because of delisting and a dearth of large initial public offerings.

Fink’s visit is also part of the dialogues that the Ministry of the Interior (SEGOB in Spanish) will hold with several companies that have electricity self-supply contracts and that, after the constitutionality of the Electricity Industry Law, operate under a fraudulent scheme.

In the past weeks, the President of the Republic has accused investment funds of being behind foreign companies in the electricity sector, such as Iberdrola, which seek to operate illegally in the country.

Source: Emmanuel Carrillo (2022, May 12). BlackRock ve condiciones inmejorables para inversión extranjera en México: AMLO. Forbes México. Retrieved May 12, 2022, from https://www.forbes.com.mx/blackrock-ve-condiciones-inmejorables-para-inversion-extranjera-en-mexico-amlo/