Marking the 50th anniversary of diplomatic relations, Mexico and Singapore announced a new phase of economic cooperation, supported by Singapore’s decision to open a resident embassy in Mexico City next year. The initiative aligns with ongoing efforts to boost bilateral trade and expand supply chain diversification.
Speaking at a business forum attended by officials from both nations, Singapore’s President Tharman Shanmugaratnam described the current moment as an opportunity to expand collaboration.
“We are entering a new stage in the relationship between Singapore and Mexico—one in which we will strengthen our ties in advanced manufacturing, logistics, agribusiness, medical devices, the green transition, and nearly every sector,” he said.
He emphasized that global economic uncertainty has made diversification increasingly important. Shanmugaratnam noted that both countries share a commitment to openness, clear rules, and global engagement. “We know our prosperity comes from reaching out and connecting with the world,” he stated.
The president confirmed that the new diplomatic mission will be Singapore’s first resident embassy in a Spanish-speaking country. He added that this presence will allow for more frequent dialogue and new partnerships. The announcement followed a meeting with President Claudia Sheinbaum.
Growing trade and complementary economies
Bilateral trade exceeded USD 4.7 billion in 2024—double the volume recorded a decade earlier—driven largely by high-tech goods such as semiconductors and electronic devices.
Sergio Contreras Pérez, Executive President of the Mexican Business Council for Foreign Trade (COMCE), highlighted Mexico’s industrial capacity and strategic value.
“Mexico exported USD 617 billion last year, and 90 percent of that was manufactured goods… it reflects an industrial network that is not always fully recognized,” he said. He noted that foreign trade accounts for 75 percent of the country’s GDP and that Mexico remains the United States’ top trading partner.
Contreras also underscored Singapore’s global role. “Singapore stands out as a leader in competitiveness and innovation… it is the world’s largest port operator and a financial and logistics hub that enables international trade,” he added.
Source: El Financiero
