AMLO government disdain for renewable energy backtracks Mexico advancements

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Catastrophe, if Mexico does not correct priority to fossil fuels: German businessmen

The president of the Mexican-German Chamber of Commerce asked the government to resume the momentum of renewable energy.

Stefan Deuster, president of the Mexico-German Chamber of Commerce, stated that the Mexican government makes a mistake by disdaining renewable energy and prioritizing fossil sources.

“It will be a catastrophe if the latest trends in prioritizing fossil fuels are not corrected,” said Deuster, referring to the shift in energy policy that the current government has made to favor Petróleos Mexicanos (Pemex) and the Federal Electricity Commission (CFE).

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The German businessman, before the protectionism that is imposed in the sector, defended that “private industry is required” to take advantage of the potential of renewable energy with which Mexico “has been blessed.”

Along the same lines, Antonio Basagoiti, president of the Spanish Chamber of Commerce in Mexico (Camescom), asked for greater legal certainty for investments from European Union companies, which in 2019 reached close to 180,000 million dollars.

“The better the conditions, the greater the investments,” said Basagoiti, before highlighting the investment potential that Mexico has in the energy sector: “Investments are valued and contracts are fulfilled.”

In the framework of a virtual seminar organized by Camescom, representatives of Spanish and German companies assured this Thursday that European companies based in Mexico also benefit from the recently launched Free Trade Agreement between Mexico, the United States, and Canada (USMCA).

“In general, European companies established in Mexico are within the USMCA,” explained Deuster.

He added that the treaty exudes “protectionism that has the signature of the United States”, however, the challenge “for European companies in the region is to replace part of the imports that came from Europe or regional supplies from the North American market.”

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In addition, Basagoiti assured that the existing Free Trade Agreement between Mexico and the European Union (TLCUEM) and the renewed version that is about to enter into force works as “another protection, another umbrella” of security for companies from the old continent on Mexican soil.

“The TLCUEM has served as a very good framework to deepen relations. I believe that both parties (Europe and Mexico) have an interest, the benefit is mutual, ”said the Spanish representative.

The current Mexican government, headed by the Secretary of Economy, Graciela Márquez, is promoting a diversification strategy to moderate the country’s dependence on the United States, its main trading partner with a 62.9% market share last year.

“Everyone knows in business and in countries that it is not good to have all your eggs in the same basket. I notice that the Mexican government wants to set the conditions for investment and trade with Europe ”, confirmed Basagoiti.

Source: forbes.com.mx, efe.com

Mexico Daily Post

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