Virginia has signed a Memorandum of Understanding with the State of Baja California, Mexico to evaluate commercial opportunities and foster further trade and economic development opportunities between the two states.
Signed as a result of the governor’s recent trade and marketing mission to Mexico, the MOU establishes a platform for cooperation aimed at developing economic development opportunities between Baja California, Mexico and Virginia in several industry sectors including aerospace, advanced manufacturing, medical devices, healthcare technology and delivery, and renewable energy, among others.
“I’m pleased to announce this MOU today, a signal that Virginia recognizes the importance of our mutually beneficial trade and investment relationship with Mexico,” said Governor McAuliffe. “Mexico, Virginia’s 3rdlargest export destination, is a vital partner in building the new Virginia economy. I look forward to forging new economic development opportunities that generate investment and job creation, building bridges between Virginia and Baja California, Mexico.”
Governor McAuliffe made the announcement today during a roundtable discussion at the 8th Annual U.S.-Mexico CEO Dialogue event in Washington, D.C organized by the U.S. Chamber of Commerce. This agreement follows Governor McAuliffe’s trade and marketing mission to Mexico in May where he met with President Enrique Peña Nieto, Minister of Foreign Affairs Luis Videgaray Caso, and the National Conference of Governors (CONAGO) of Mexico to discuss trade and investment opportunities between Virginia and Mexico.
“I want to recognize Virginia Governor McAuliffe and Secretary of Commerce and Trade Haymore for their interest in the meeting and laying the basis for a close collaboration, considering the large participation of Baja California in Mexico’s foreign trade with the United States, and the opportunities to complement the capabilities of Mexican and U.S. companies, strengthening cross-border supply chains,” said Baja California, Mexico Secretary of Economic Development Carlo Humberto Bonfante Olache speaking of the new agreement.
“Trade between Mexico and the United States is valued at more than $590 billion annually and a number of Virginia companies and their employees benefit greatly from this cooperation,” added Secretary of Commerce and Trade Todd Haymore. “I was honored to sign the MOU with Secretary Bonfante and I am hopeful it will foster increased trade, investment, and other economic development opportunities for Virginia businesses.”
The Commonwealth of Virginia and the State of Baja California, Mexico share a common interest in maintaining positive trade relationships. Between 2012 and 2016, Mexico-based businesses ranked 11th in terms of announced new jobs and 14th in announced capital investment in the Commonwealth. Mexico is one of Virginia’s largest export destinations, ranked 3rd for overall exports of Virginia goods and services in 2015 and 6th in agriculture and forestry exports in 2016.