Abriendo Puertas / Opening Doors: Chicagoland Business Delegation Travels to Mexico City to Strengthen Ties with the Nation's Largest Trade Partner

As Mexico solidifies its position as the United States’ foremost trading partner, the opportunities for collaboration and growth are more compelling than ever. For Chicago, a city with a rich history of commerce and innovation, leveraging this trend is not just a strategic move—it’s an imperative.

?As reported in the World Business Chicago, Year in Review, 2023 the US Census reports that Mexico is the top trading partner in the country, trading $798bn with Mexico, surging past China and Canada.

World Business Chicago (WBC) recently led a business delegation trip to Mexico City aimed at fostering stronger economic partnerships and capitalizing on emerging opportunities for growth and collaboration.

During the trip, key stakeholders from WBC engaged in a series of strategic meetings with prominent organizations and stakeholders in Mexico City. These engagements included discussions with government officials, industry leaders, and business executives, highlighting the mutual benefits of strengthening economic ties between Chicago and Mexico. Among the organizations that the delegation me with include Coppel , KidZania , Neolpharma SA de CV , INDESTEC , FinTech México , and the Association of Mexican Business Executives (ASECEM).

“I believe this trip was strategic in strengthening our relationships with the Mexican market in two ways. First, it allowed for seasoned business owners across industries and countries to meet and have authentic conversations,” said Yadira Enriquez , CFO of Enriquez Produce, Inc. . “ Second, it allowed an unscripted direct invitation from Chicago business entrepreneurs to Mexican entrepreneurs to come visit our city where we could show them how we conduct business. If they feel welcomed and visit, they will personally experience the thriving business sectors and not solely rely on ‘news’. Culture is an important factor that should be highlighted. If we allow trust to be fostered while embracing Mexican, Mexican-American, and American culture, there will be a positive impact on future initiatives.”?

Among the delegation included:

• Cabrera Capital Markets, Manny Perez, SVP, Real Estate & Public Finance
• Enriquez Produce, Inc., Yadira Enriquez, Chief Financial Officer
• Redmond, Jamie Redmond, Chief Operating Officer and Partner
• Xerarch Strategies, Rogelio Lopez, President and Founder
• Toro Construction Corp., Socorro Vazquez, CEO
• Illinois Hispanic Chamber of Commerce, Jaime Di Paulo, President & CEO
• Nuestra Cocina, Berenice Tenorio, CEO

Key Themes and Insights

Chicago’s Hidden Gem: Most Mexican business leaders instinctively think of Texas and California when considering U.S. locations. However, they often overlook Chicago’s unique advantages. Our diverse economy, thriving Mexican population, and expansive market size position us as a top contender. It’s time to amplify this message.

Immediate Follow-ups: From the nearly 100+ companies we engaged with, several expressed keen interest in exploring Chicago further. We’re thrilled to host nearly 10 of these companies on visits to our city before July 2024. These visits will solidify relationships, facilitate site visits, and pave the way for meaningful collaborations.

Register to Discover Chicagoland on June 27-28, 2024

Key Stakeholders and Organizations: A Collaborative Tapestry

Mexican Companies: WBC pitched Chicagoland to 79 Mexican companies, showcasing our city’s unique advantages. We highlighted Chicago’s diverse economy, robust infrastructure, and strategic location as a gateway to the U.S. market. These companies, previously focused on Texas and California, were pleasantly surprised to discover Chicago’s untapped potential.

1:1 Meetings: Our team engaged in 22 one-on-one meetings, fostering personal connections and exploring specific opportunities. These interactions ranged from discussing joint ventures to exploring investment prospects. The enthusiasm was palpable, and we left no stone unturned in conveying Chicago’s value proposition.

Trade Associations & Business Leaders: A working session with key trade associations and business leaders in Mexico allowed us to align our interests. We explored avenues for collaboration, identified common challenges, and laid the groundwork for future partnerships. These associations serve as vital conduits for cross-border business exchanges.

Mexican Ministry for Foreign Affairs: Our relationship with the Mexican Ministry for Foreign Affairs deepened during this trip. We exchanged insights on policy frameworks, regulatory harmonization, and cultural nuances. This partnership is pivotal for navigating the intricacies of economic bilateral ties and continuing the great partnership with Ambassador Reyna Torres Mendivil and the team of the Consulate General of Mexico in Chicago.

Briefings on the Mexican Economy: We immersed ourselves in discussions about the state of the Mexican economy. Understanding macroeconomic trends, industry shifts, and investment climates was crucial. These briefings informed our strategies and positioned us to capitalize on emerging opportunities.

Looking Ahead: A Bilateral Partnership

As Mexico’s star continues to rise, Chicago stands ready to embrace this transformative journey. Our commitment to fostering cross-border connections, facilitating investments, and nurturing cultural exchange will define the next chapter in our shared narrative. Let’s build bridges, break barriers, and create a thriving ecosystem—one where Chicago and Mexico City flourish together.