Population (2021): 130 million
GDP (2020): US$2.3 trillion
World Bank “Ease of Doing Business” Rank (2019): 60th
Bilateral Trade with Singapore (2021): S$5.5 billion
Trading Partner Rank (2021): Singapore's 3rd largest trading partner in Latin America, and 27th largest trading partner worldwide
Mexico is the 10th most populated country with 130 million inhabitants1 and the 15th largest market by GDP in 20202 . Mexico has a middle-class population of approximately 50 million and growing. It is the second-largest economy in Latin America after Brazil and has a free market economy with an increasingly competitive private sector.
Mexico has an open economy, with supply chain integration with North America that has led to the development of a qualified labour force in the manufacturing sector. The country also has a strong base in energy production (In 2022, Mexico is the 4th largest producer of petroleum and other liquids in the Americas, after the United States, Canada and Brazil3), and a robust private sector of home-grown companies which are becoming increasingly global.
1: Worldbank, 2022
2: Worldbank, 2022
3: U.S. Energy Information Administration, 2022
As an investment destination, Mexico is an open economy. It has a network of 10 Free Trade Agreements (FTAs) with 45 countries which account for more than 90% of its total trade with the world. Singapore companies can leverage its competitive costs, highly-skilled young workforce to address markets in its proximity such as United States and Canada. There are also opportunities for Singapore companies to partner with Mexican SMEs, conglomerates, and MNCs operating in Mexico in the consumer goods, technology, trade, and infrastructure development sectors.
Mexico is an attractive market due to its macroeconomic stability, low inflation, size and strength of its domestic market, economic growth, and proximity to key global markets.
Mexico's current government has made economic reforms a priority, and has implemented sweeping education, energy, financial, fiscal, and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Mexico has also held public auctions of exploration and development rights to select oil and gas resources since 2015 as part of reforms that allow for private investment in the oil, gas, and electricity sectors.
Southeast Asia and Latin America share many market similarities. If you are a Singapore scale-up with proven solutions, Latin America could be your next market.
With an extensive corporate network in key markets in Latin America such as Colombia, Chile, Ecuador, Peru and Mexico, Latin Leap is a VC studio based in Colombia. Latin Leap’s Leap2Latam program will connect you to partners and customers and provide business set-up support to launch your business in the region.
Apply for the Leap2Latam program here.