Leading Los Angeles and Mexico Business Organizations Sign Memorandum of Understanding to Promote Business Collaboration, Trade and Investment
LOS ANGELES, CA – As part of Mexican President Felipe Calderón’s first work visit to Los Angeles, the Los Angeles Area Chamber of Commerce and the Consejo Empresarial Mexicano de Comercio Exterior, Inversión y Tecnología, A.C. (COMCE, or the Mexican Business Council for Foreign Trade, Investment and Technology) today signed a memorandum of understanding to promote business collaboration, international trade and investment between Los Angeles and Mexico. The agreement was signed during a meeting with President Calderón and Los Angeles Mayor Antonio Villaraigosa. The agreement represents the first formal collaborative partnership between Los Angelesarea and Mexican business organizations.
"In today's global economy, Los Angeles must strengthen trade relations with our neighboring countries, including Mexico," said Los Angeles Mayor Antonio Villaraigosa. "The partnership between the Los Angeles Area Chamber of Commerce and COMCE will help Los Angeles to remain at the forefront of trade with Mexico."
According to the agreement the L.A. Area Chamber and COMCE will encourage, promote and organize trade missions, matchmaking and networking opportunities for Los Angeles and Mexican businesses. The two organizations have also agreed to share foreign trade, investment and economic information to help improve trade between the City of Los Angeles and Mexico. “Trade with Mexico is critical to the Los Angeles economy,” said Gary Toebben, President & CEO of the Los Angeles Area Chamber of Commerce. “We are proud to partner with COMCE to strengthen trade relations between our two countries and bring new business opportunities and foreign investment to Los Angeles.”
“COMCE recognizes the important economic ties between Mexico and the Los Angeles region,” said Eugenio Clariond, Chairman of the Mexico-US Business Committee, COMCE. “COMCE is honored to enter into an agreement with the Los Angeles Area Chamber of Commerce which will help to create economic advantages for both Mexico and L.A.” Trade between Los Angeles and Mexico is valued at $3.2 billion. In one year alone, from 2005 to 2006, growth in bilateral trade between the two regions increased 20 percent, making Mexico L.A.’s 16th largest trading partner. The region’s largest exports include computers, aircraft and telephones, while oil, steel and iron are among the largest imports.
The Los Angeles Area Chamber of Commerce recognizes that the future of our economy is tied to international trade. The Chamber's International Trade & Investments Committee fosters the development and access to foreign markets for local companies and provides global matchmaking services to foreign entities seeking U.S. joint venture partners, distributors and retailers. More information on the Chamber’s international trade initiatives is available at www.lachamber.org.
The Mexican Business Council for Foreign Trade, Investment and Technology (COMCE), Presided by Mr. Valentín Díez Morodo, is a leading Mexican private-sector organization whose mission is to promote international business between Mexican and foreign companies throughout the world, and to represent its members, institutionally, before the executive, legislative and judiciary branches of government, and before associations, chambers of commerce and industry, and other public, private, national and foreign organizations, in policy matters concerning foreign trade, investment, development and exchange of technology.
The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.org.
COMCE is comprised of more than 70 Bilateral Business Committees, grouped in six International Sections: North America, Europe, Asia and the Pacific Rim, Central America and the Caribbean, South America, Africa and the Middle East. International Sections and Committees link Mexican entrepreneurs and companies with their counterparts in other countries, and are presided by business leaders with broad international experience. More information is available at www.comce.org.mx.