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UNCLAS SECTION 01 OF 07 MEXICO 000173 
 
SIPDIS 
 
SIPDIS 
 
STATE FOR EB/IFD/OIA 
STATE FOR WHA/MEX 
 
E.O. 12958: N/A 
TAGS: ECON EINV KTDB OPIC USTR ELAB ETRD EFIN PGOV
MX 
SUBJECT: MEXICO 2007 INVESTMENT CLIMATE STATEMENT -- PART II 
 
REF: 06 SECSTATE 178303 
 
This is part two of a two part cable that provides suggested 
text for the 2007 Mexico Investment Climate Statement. 
 
Transparency of Regulatory System 
 
The Federal Commission on Regulatory Improvement (COFEMER) 
under the management of the Secretariat of Economy is the 
agency responsible for reducing the regulatory burden on 
business. The Mexican government has made progress in the 
last few years.  On a quarterly basis, these agencies must 
report to the Presidency on progress achieved toward 
Presidential goals for reducing the regulatory burden. In 
December 2006, President Calderon replaced the Regulatory 
Moratorium Agreement, issued by the previous administration 
to ensure agencies streamline their regulatory promulgation 
processes, with the Quality Regulatory Agreement.   The new 
agreement intends to allow the creation of new regulations 
only when agencies prove that they are needed because of an 
emergency, because of the need to comply with international 
commitments, or because of obligations established by law. 
 
The federal law on administrative procedures has been a 
significant investment policy accomplishment. The law 
requires all regulatory agencies to prepare an impact 
statement for new regulations, which must include detailed 
information on the problem being addressed, the proposed 
solutions, the alternatives considered, and the quantitative 
and qualitative costs and benefits and any changes in the 
amount of paperwork businesses would face if a proposed 
regulation is to be implemented. Despite these measures, many 
difficulties remain. Foreign firms continue to list 
bureaucracy, slow government decision-making, lack of 
transparency, a heavy tax burden, and a rigid labor code 
among the principal negative factors inhibiting investment in 
Mexico. 
 
The Secretariat of Public Administration has made 
considerable strides in improving transparency in government, 
including government contracting and involvement of the 
private sector in enhancing transparency and fighting 
corruption. The Mexican government has established several 
Internet sites to increase transparency of government 
processes and establish guidelines for the conduct of 
government officials. "Normateca" provides information on 
government regulations; "Compranet" allows for on-line 
federal government procurement; "Tramitanet" permits 
electronic processing of transactions within the bureaucracy 
thereby reducing the chances for bribes; and "Declaranet" 
allows for on-line filing of income taxes for federal 
employees. 
 
Efficient Capital Markets and Portfolio Investment 
 
The Mexican banking sector has strengthened considerably 
since the 1994 peso crisis left it virtually insolvent. Since 
the crisis, Mexico has introduced reforms to buttress the 
banking system and to consolidate financial stability.  These 
reforms include creating a more favorable economic and 
regulatory environment to foster banking sector growth by 
reforming bankruptcy and lending laws, moving pension fund 
administration to the private sector, and raising the maximum 
foreign bank participation allowance.  The bankruptcy and 
lending reforms passed by Congress in 2000 and 2003 
effectively made it easier for creditors to collect debts in 
cases of insolvency by creating Mexico's first effective 
legal framework for the granting of collateral.  Pension 
reform allows employees to choose their own pension plan. 
Allowing banks or their holding companies to manage these 
funds provides additional capital to the banking sector, 
while the increased competition focuses fund managers on 
investment returns. 
 
The financial profile of the banking sector has improved due 
to the reduction in the problem assets brought about by 
write-offs, problem loan sales, and the conclusion of most 
debt-relief programs.  These developments, combined with more 
stringent capital requirements, have contributed to an 
improvement in the level and composition of capital across 
the banking system, particularly among the larger 
institutions. 
 
Foreign bank participation, at over 80 percent of the banking 
system, is having a positive effect on Mexico's banking 
sector.  The most apparent impact is the large size of equity 
 
MEXICO 00000173  002 OF 007 
 
 
investments, which have been used to clean the acquired 
institutions' balance sheets. Additionally, higher foreign 
participation should improve the technology and risk 
management techniques (i.e. standards in auditing, accounting 
and disclosure) of the banking system.  Examples of changes 
implemented by foreign bank owners include improvements in 
credit approval processes, loan documentation, and 
credit-related management information systems.  With the 
support of strong international shareholders, these banks 
should also benefit from greater access to funding. 
 
Bank lending, especially consumer lending and mortgages, grew 
rapidly in 2005 and 2006, fueled by lower interest rates and 
historically low inflation.  Small and medium-sized 
businesses still complain of a lack of access to credit, but 
government-owned development banks have expanded their 
lending to this sector.  Despite the expansion, such lending 
remains low as a percentage of GDP.  Private banks argue that 
due diligence in lending to such business is difficult given 
the large amount of revenue kept off the books to avoid 
increased tax liability. 
 
Commercial loans to established companies with 
well-documented accounts are available in Mexico, but many 
large companies have resorted to utilizing retained earnings 
to fund growth.  Supplier credit is the main source of 
financing for many businesses.  The largest companies are 
able to issue debt for their financing needs, tapping into a 
growing pool of pension funds looking for investment options. 
 Non-bank financing is generally available, however, only to 
large companies with strong credit ratings and important 
commercial ties with their suppliers - i.e., companies that 
could easily procure bank financing.  The Secretariat of 
Finance and Public Credit sets regulatory policy and oversees 
the National Securities and Banking Commission (CNBV), which 
is the primary banking regulator.  Mexico's central bank, the 
Bank of Mexico (BOM), also has a regulatory role in addition 
to setting monetary policy.  The Institute for the Protection 
of Bank Savings (IPAB) handles deposit insurance and is 
charged with finishing the work of the former insurance and 
bank rescue fund, FOBAPROA, which took over large portfolios 
of bad loans from the 1995 banking crisis. 
 
Recent reforms creating better regulation and supervision of 
financial intermediaries and fostering greater competition 
have helped strengthen the financial sector and capital 
markets.  These reforms, coupled with sound macroeconomic 
fundamentals have created a positive environment for the 
financial sector and capital markets, which have responded 
accordingly. 
 
The implementation of NAFTA opened the Mexican financial 
services market to U.S. and Canadian firms. Banking 
institutions from the U.S. and Canada have a strong market 
presence, holding approximately 40 percent of banking assets 
(as of June 2006). Under NAFTA's national treatment 
guarantee, U.S. securities firms and investment funds, acting 
through local subsidiaries, have the right to engage in the 
full range of activities permitted in Mexico. Foreign 
entities may freely invest in government securities. The 
Foreign Investment Law establishes, as a general rule, that 
foreign investors may hold 100 percent of the capital stock 
of any Mexican corporation or partnership, except in those 
few areas expressly subject to limitations under that law 
(Table I). Regarding restricted activities, foreign investors 
may also purchase non-voting shares through mutual funds, 
trusts, offshore funds, and American Depository Receipts. 
They also have the right to buy directly limited or 
non-voting shares as well as free subscription shares, or "B" 
shares, which carry voting rights. Foreigners may purchase an 
interest in "A" shares, which are normally reserved for 
Mexican citizens, through a neutral fund operated by a 
Mexican Development Bank. Finally, state and local 
governments, and other entities such as water district 
authorities, now issue peso-denominated bonds to finance 
infrastructure projects. These securities are rated by 
international credit rating agencies. This market is growing 
rapidly and represents an emerging opportunity for U.S. 
investors. 
 
Political Violence 
 
Potential investors should not find political violence a 
source of major concern.  It generally takes the form of 
small localized conflicts and inter-communal disputes and has 
occurred mostly in limited regions of Mexico's southern 
 
MEXICO 00000173  003 OF 007 
 
 
states.  Since the initial January 1994 uprising of the 
Zapatista National Liberation Army (EZLN) in the state of 
Chiapas, government forces and the EZLN have clashed only 
once, although Chiapas has also experienced unrelated local 
violence. The Popular Revolutionary Army (EPR) and the 
Revolutionary Army of the People's Insurgency (ERPI) emerged 
in June 1996 and June 1998, respectively. They have carried 
out a number of small attacks, principally confined to the 
state of Guerrero. On November 6, 2006, three bombs exploded 
in Mexico City, one of which damaged a branch of Scotia Bank. 
 The perpetrators and the motive of the bombings are still 
unknown although political factors are believed to be to 
blame; no injuries were reported, although property damage 
was reported at several of the targets. 
 
The last half of 2006 saw intense protests in the state of 
Oaxaca demanding, principally, the state governor's 
resignation.  The capital city of Oaxaca was under siege by 
demonstrators for more than five months.  Businesses - 
particularly those in the tourist sector -- reported millions 
of dollars in losses and many Western countries, including 
the United States, issued travel warnings advising their 
citizens to avoid the area.  At least 11 civilian deaths, 
including that of an American journalist, occurred as a 
direct result of the violence in Oaxaca and hundreds more 
were injured and/or arrested.  State police forces were 
accused of denying due process to protestors and using 
excessive force to break-up the demonstrations. In response 
to the escalating violence, President Fox, and later 
President Calderon, sent the Federal Protective Police to 
restore order. With the presence of federal troops, the city 
has been fairly calm with only sporadic public marches. The 
situation, however, remains delicate as the main demand of 
the protestors, the governor's resignation, remains 
unfulfilled. 
 
Narcotics trafficking-related violence is prevalent along the 
northern border region of Mexico and has shown signs of 
spreading to other areas -- including the states of Guerrero 
and Michoacan -- as the federal government has attempted to 
crack down on the trade. The Government of Mexico, reported 
mixed results in reducing crime in the border region as a 
result of its "Operation Secure Mexico" program.  During the 
first month of his tenure, President Felipe Calderon 
initiated "Operation Together Michoacan" and "Operation 
Tijuana" sending 7,000 troops to combat drug related gangs in 
the Michoacan state and additional troops to Baja California. 
He is planning on sending troop to additional states in the 
future. 
 
The consulate in Tijuana has noticed that security concerns 
have increasingly been an issue for companies looking to 
invest in the Baja peninsula. The National Chamber of 
Electronics in Baja California has called for a State plan 
addressing security issues.  Peaceful mass demonstrations are 
common in the larger metropolitan areas such as Mexico City, 
Guadalajara, and Monterrey. 
 
Corruption 
 
Corruption has been pervasive in almost all levels of Mexican 
government and society. President Calderon has stated that 
his government intends to continue the fight against 
corruption and government agencies at the federal, state and 
municipal levels are engaged in anti-corruption efforts. The 
Secretariat of Public Administration has the lead on 
 
SIPDIS 
coordinating government anti-corruption policy. 
 
Other government entities, such as the Supreme Audit Office 
of the Federation (equivalent of the GAO), have been playing 
a role in promoting sound financial management and 
accountable and transparent government with limited success 
as most Mexican external audit institutions (mostly at the 
state level) lack the operational and budgetary independence 
to protect their actions from the political interests of the 
legislators they serve. Technical assistance is being 
provided to them by USAID to promote the use of modern 
auditing practices. 
 
Mexico ratified the OECD convention on combating bribery in 
May 1999. The Mexican Congress passed legislation 
implementing the convention that same month. The legislation 
includes provisions making it a criminal offense to bribe 
foreign officials. A bribe to a foreign official cannot be 
deducted from Mexican taxes. Mexico is also a party to the 
OAS Convention against Corruption and is one of 13 countries 
 
MEXICO 00000173  004 OF 007 
 
 
that have signed and ratified the United Nations Convention 
against Corruption. 
 
The government has enacted strict laws attacking corruption 
and bribery, with average penalties of five to ten years in 
prison. A Federal Law for Transparency and Access to Public 
Government Information Act, the country's first freedom of 
information act, went into effect in June 2003 with the aim 
of increasing government accountability. With USAID 
assistance, 20 of Mexico's 31 states have replicated federal 
efforts by passing similar freedom of information 
legislation, the vast majority of which meets international 
standards in this field. Three years after its passage, 
transparency in public administration at the federal level 
has noticeably improved, but access to information at the 
state and local level has been slow. 
 
Mexico is ranked 70th in international NGO Transparency 
International's Corruption Perception Index for 2006, on par 
with China, India, and Brazil.   Local civil society 
organizations focused on fighting corruption are still 
developing in Mexico. The USAID-funded Project Atlatl has 
worked to coordinate and promote anti-corruption activities 
with Mexican civil society (www.atlatl.com.mx) and other key 
players in the anticorruption arena, such as federal and 
state audit institutions. The Mexican branch of Transparency 
International also operates in Mexico. The best source of 
Mexican government information on anti-corruption initiatives 
is the Secretariat of Public Administration (www.sfp.gob.mx). 
 
Bilateral Investment Agreements 
 
NAFTA governs U.S. and Canadian investment in Mexico. In 
addition to NAFTA, most of Mexico's ten other free trade 
agreements (FTAs) cover investment protection, with a notable 
exception being the Mexico-European Union FTA. The network of 
Mexico's FTAs containing investment clauses encompasses the 
countries of Bolivia, Chile, Costa Rica, Colombia, El 
Salvador, Guatemala, Honduras, Japan, Nicaragua, and 
Venezuela. 
 
Mexico has enacted formal bilateral investment protection 
agreements with 21 countries: 13 European Union Countries 
(Austria, Belgium, Luxemburg, Czech Republic, Denmark, 
Finland, France, Germany, Greece, Italy, Netherlands, 
Portugal, Spain, Sweden), as well as Australia, Argentina, 
Cuba, Iceland, Panama, South Korea, Switzerland, and Uruguay. 
Agreements with Australia, Iceland and Panama were signed in 
2005, but the Senate still has to ratify them. Mexico 
continues to negotiate bilateral investment treaties with 
China and India. 
 
The United States and Mexico have a bilateral tax treaty to 
avoid double taxation and prevent tax evasion. Important 
provisions of the treaty establish ceilings for Mexican 
withholding taxes on interest payments and U.S. withholding 
taxes on dividend payments. 
 
Mexico and the United States also have a tax information 
exchange agreement to assist the two countries in enforcing 
their tax laws. The Financial Information Exchange Agreement 
(FIEA) was enacted in 1995, pursuant to the Mutual Legal 
Assistance Treaty. The agreements cover information that may 
affect the determination, assessment, and collection of 
taxes, and investigation and prosecution of tax crimes. The 
FIEA permits the exchange of information with respect to 
large value or suspicious currency transactions to combat 
illegal activities, particularly money laundering. Mexico is 
a member of the financial action task force (FATF) of the 
OECD and has made progress in strengthening its financial 
system through specific anti-money-laundering legislation 
enacted in 2000 and 2004. 
 
OPIC and Other Investment Insurance Programs 
 
In June 2003, Mexico and the U.S. Overseas Private Investment 
Corporation (OPIC) signed an agreement that will enable OPIC 
to offer all its programs and services in Mexico.  The 
Mexican Senate approved full OPIC operations in August of 
¶2004.  Since then, OPIC has aggressively pursued potential 
investment projects in Mexico.  OPIC increased its support 
for U.S. investment in Mexico more than tenfold when it 
approved 570 million USD in financing for new projects in 
February of 2005. 
 
OPIC-supported funds are among the largest providers of 
 
MEXICO 00000173  005 OF 007 
 
 
private equity capital to emerging markets.  Since 1987, OPIC 
has committed (as of FY 2005) over 2.6 billion USD in funding 
to 32 private equity funds.  The OPIC funds currently 
investing in Mexico include Darby-BBVA Latin America Private 
Equity Fund, LP with a primary focus on equity investments in 
media and communications, transportation, consumer goods, 
housing, energy, and non-bank financial services and Latin 
Power III, L.P. focusing on equity investments in independent 
power projects ("IPPs") in Latin America and the Caribbean 
with a focus on renewable energy and Mexico. 
 
Details of OPIC programs and recent investment project 
announcements can be found at their website: www.opic.gov. 
 
Mexico is not a member of the World Bank's Multilateral 
Investment Guarantee Agency (MIGA), and has no plans to join. 
According to the World Bank, the Secretariat of the Economy 
provides the relevant services that MIGA would offer in 
Mexico. 
 
Labor 
 
Mexico's Federal Labor Law, enacted in 1931 and revised in 
1970, is based on article 123 of the Mexican constitution. 
Under the law, Mexican workers enjoy the rights to associate, 
collectively bargain, and strike.  The law sets a standard 
six-day workweek with one paid day off. For overtime, workers 
must be paid twice their normal rate and three times the 
hourly rate for overtime exceeding nine hours per week. 
Employees are entitled to most holidays, paid vacation (after 
one year of service), vacation bonuses, and an annual bonus 
equivalent to at least two weeks pay. Companies are also 
responsible for these additional costs.  These costs usually 
add about 30 to 35 percent to the average employees' salary. 
Employers must also contribute a tax-deductible two percent 
of each employee's salary into an individual retirement 
account. Most employers are required to distribute ten 
percent of their pre-tax profits for profit sharing.  The 
recently installed Labor Secretary has named labor reform as 
one of the top issues he will address during the next 
administration. 
 
There is a large surplus of labor in the formal economy, 
largely composed of low-skilled or unskilled workers. On the 
other hand, there is a shortage of technically skilled 
workers and engineers. Labor-management relations are uneven, 
depending upon the unions holding contracts and the industry 
concerned. Mexican manufacturing operations are experiencing 
stiff wage competition from Central America, China, India, 
and elsewhere in low technology work, such as textile and 
garment manufacture. 
 
For the past few years, strikes have been limited and usually 
settled quickly.  Strikes that are more difficult will 
usually draw government mediators to help the settlement 
process.  Independent unions have been playing an 
increasingly significant role, particularly since the 
formation of the new Labor Federation (National Union of 
Workers) in November 1997.  Information on unions registered 
with federal labor authorities is supposed to be available to 
the public via Internet (www.stps.gob.mx), but this database 
is incomplete. 
 
Foreign-Trade Zones/Free Ports 
 
In addition to the IMMEX programs that operate as quasi-free 
trade zones, in 2002 Mexico approved the operation of more 
traditional free trade zones (FTZ). Unlike the previous 
"bonded" areas that only allowed for warehousing of product 
for short periods, the new FTZ regime allows for 
manufacturing, repair, distribution, and sale of merchandise. 
There is no export requirement for companies operating within 
the zone to avail themselves of tax benefits. Regulatory 
guidance for the new regime is still being amended; therefore 
investors should consult a tax lawyer for detailed 
information. Most major ports in Mexico have bonded areas 
("recinto fiscalizados") or customs agents ("recintos 
fiscal") within them. There are currently two approved FTZ's, 
both operating in San Luis Potosi. The first major plant in 
the FTZ is currently under construction. Several states have 
filed to convert their bonded areas into Free Trade Zones. 
 
Foreign Direct Investment Statistics 
 
Foreign Direct Investment in Mexico(USD Million) 
                        2002    2003    2004    2005    2006* 
 
MEXICO 00000173  006 OF 007 
 
 
 
Total FDI Inflow:       19,344  15,348  22,283  18,934  14,112 
-New Investments        11,385  6,012   13,328  9,463   5,106 
-Earnings Reinvestment  2,440   2,067   2,330   3,460   3,048 
-Inter-company          3,476   5,308   4,150   3,190   3,688 
      Investment 
-Maquiladora Investment 2,044   1,961   2,475   2,821   2,274 
      in fixed assets 
 
Foreign Direct Investment Realized in Mexico By Industry 
Sector Destination (USD Million) 
                        2002    2003    2004    2005    2006* 
Inflow Total            19,344  15,348  22,283  18,934  10,864 
Agriculture             93      11      16      3       2 
Extractive              248     78      146     24      70 
Manufacturing           8,647   6,685   12,694  11,363  7,092 
Electricity and Water   398     323     202     192     (97) 
Construction            348     83      385     277     125 
Retail                  1,778   1,394   1,183   2,648   208 
Transport and           832     1,631   1,254   1,173   368 
Communication 
Financial Services      5,765   3,306   5,489   944     956 
Others                  1,237   1,838   913     2,311   2,141 
 
Foreign Direct Investment Inflows Realized By Country/Economy 
of Origin (USD Million) 
                2002    2003    2004    2005    2006*   5 year 
Total Inflow    19,344  15,348  22,283  18,934  10,864  86,773 
United States   12,970  9,630   8,188   9,685   6,683   47,156 
Spain           735     1,776   7,418   1,396   609     11,934 
Holland         1,475   553     3,322   2,213   973     8,536 
United Kingdom  1,249   1,056   138     967     613     4,023 
Canada          221     255     499     256     319     1,550 
Switzerland     462     312     1,100   169     340     2,383 
Germany         596     463     399     347     67      1,872 
Japan           166     122     363     88      56      795 
Denmark         208     54      116     89      145     612 
Singapore       59      (6)     30      12      22      117 
South Korea     32      37      35      49      20      173 
Taiwan          17      10      8       7       9       51 
China           (2)     26      12      5       3       44 
France          350     530     145     403     157     1,585 
 
Notes FDI Investment Charts: 1) Sources: Inflow - Secretariat 
of Economy, Director General of Foreign Investment 2) Period: 
2006 data January through September 3) Data: Millions of U.S. 
Dollars (USD), unless noted. 4) The Secretariat of Economy 
has recalculated values for past years. All values for past 
years are the most up to date data provided from the 
Secretariat of Economy. 5) The total FDI inflow for 2006 by 
 
SIPDIS 
sector and country is less than the total FDI in Mexico 
because it does not include an estimate that has been 
reported in the total FDI. 
 
FDI INFLOW AS PERCENT GDP 
                  2002     2003     2004     2005     2006* 
GDP               648,629  638,797  683,069  768,437  599,381 
FDI Inflow        19,344   15,348   22,283   18,934   14,112 
Percent GDP       3        2.4      3.3      2.5      2.4 
 
Notes on "FDI as Percent GDP" chart: 1) GDP figures are taken 
from United Nations website. All Mexican sources give GDP in 
pesos only. Figures in millions of dollars 2) 2006 GDP is 3 
quarter estimate using a 4 percent growth rate. 
 
U.S. FDI Flow and Stock in Mexico (USD Millions) 
                          2002    2003     2004     2005 
U.S. FDI flow in Mexico   7,656   3,664    6,361    6,771 
U.S. FDI Stock in Mexico  56,303  56,851   63,502   71,423 
 
Notes U.S. FDI Flow and stock in Mexico chart: 1) Source: 
U.S. Department of Commerce Bureau of Economic Analysis 
 
Mexico FDI Flow and Stock in U.S. (USD Millions) 
                          2002    2003     2004     2005 
Mexico FDI Flow in U.S.   2,349   2,173    (363)    349 
Mexico FDI Stock in U.S.  7,829   9,022    8,167    8,653 
 
Notes U.S. FDI Flow and stock in Mexico chart: 1) Source: 
U.S. Department of Commerce Bureau of Economic Analysis 
 
In 2006 there were several large foreign investments in 
Mexico by U.S. and other nations' companies, including: 
 
1) Isolux Corsan (Spanish) invested USD 355 million to 
construct a highway from Saltillo-Monterrey. 
 
MEXICO 00000173  007 OF 007 
 
 
2) Daimler Chrysler invested 1 billion USD to modernize its 
plant in Toluca. 
3) Ford invested 2 billion USD for equipment acquisition at 
its Hermosillo plant. 
4) BBVA invested 110 million USD in Mexico for technological 
platform increases 
5) Arcelor Mittal Steel invested 300 million USD in its 
Mexican operations. 
6) Jatco (Japan) invested 200 million USD to increase 
production at its Aguascaliente plant 
7) Mitsubishi Heavy Industries (Japan) announced a 600 
million USD investment to construct an electricity generation 
plan in Guerrero state. 
 
Web Resources 
Secretariat of the Economy: http://www.economia.gob.mx 
 
SIPDIS 
Department of State, Office of Legal Advisor: 
http://www.state.gov/s/l/ 
Mexican Development Bank: http://www.nafin.gob.mx 
Mexican Foreign Trade Bank: http://www.bancomext.gob.mx 
Mexican Civil Society: http://www.atlatl.com.mx 
Overseas Private Investment Corporation: http://www.opic.gov 
Secretariat of Labor and Social Security: 
 
SIPDIS 
http://www.stps.gob.mx 
United States Department of Commerce Bureau of Economic 
Analysis: 
http://www.bea.doc.gov/ 
 
 
Visit Mexico City's Classified Web Site at 
http://www.state.sgov.gov/p/wha/mexicocity 
GARZA