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Virginia, Mexico City sign agreement to foster economic development

Virginia has signed a Memorandum of Understanding with Mexico City to formalize a bilateral relationship aimed at expanding business opportunities and trade, as well as strengthening cultural, historic, and economic ties through coordinated joint initiatives.

virginiaThis is the second MOU signed as a result of the Governor’s recent trade and marketing mission to Mexico and establishes a platform for cooperation between Mexico City and Virginia.  In June, Governor McAuliffe announced an MOU between Virginia and the State of Baja California, Mexico.

“I’m pleased to announce this MOU today, another step in solidifying Virginia’s long-standing, mutually beneficial trade and investment relationship with Mexico,” said Governor McAuliffe. “As Virginia’s third-largest export destination, Mexico is a vital partner in building the new Virginia economy. As we continue these efforts, I look forward to forging new economic development opportunities that generate additional investment and job creation and building bridges between Virginia and Mexico.”

Governor McAuliffe made the announcement today during the 2017 Summer Meeting of the National Governors Association in Providence, Rhode Island.  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.

“It is a pleasure to be able to sign this Memorandum of Understanding with Virginia, as I am sure it will be only the beginning of a close and dynamic relationship,” said Mexico City Mayor Miguel Ángel Mancera Espinosa, speaking of the new agreement.  “When there is a commitment to the well-being of citizens, these initiatives can be concretized regardless of which side of the border the new allies are located.”

“The Commonwealth is home to several Mexico-based companies, and we are pleased to announce this new partnership which will foster further investment opportunities, as well as increase trade between the Commonwealth and Mexico,” added Secretary of Commerce and Trade Todd Haymore. “I look forward to working with Mayor Mancera to establish meaningful initiatives that will benefit both Virginia and Mexico City.”

The Commonwealth of Virginia and Mexico City 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 third for overall exports of Virginia goods and services in 2015 and sixth in agriculture and forestry exports in 2016.