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Mexico's largest companies to invest $27 bn

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(Globalpost/GlobalPost)

Mexico City, Jul 10 (EFE).- Mexico's biggest companies plan to invest $27 billion this year, the Mexican Businessmen's Council, or CMHN, said.

CMHN president Claudio X. Gonzalez made the announcement during a meeting with Economy Secretary Ildefonso Guajardo.

The high level of investment reflects "confidence and enthusiasm about what is happening in our country," Gonzalez said.

The CMHN is made up of executives from Mexico's 39 largest corporations, including Alfa, Bimbo, Cemex, Signum, Televisa, Grupo Posadas, Femsa, Grupo Modelo, Soriana and Vitro.

Mexico cannot grow and create the jobs it needs without investment, Gonzalez said.

The CMHN's member companies invested $22 billion in 2012 and $20.5 billion in 2011.

"The increase is very strong" for this year, Gonzalez said.

"Hopefully, it will continue to go this way, to the extent that the reforms are carried out and that the ones already approved and the ones to come are implemented," the CMHN president said.

The mining, telecommunications, consumer goods, chemical and retail industries "will receive the largest amount of investment," Gonzalez said.

Investment - public, domestic private and foreign - is the engine of growth in Mexico, Guajardo said.

The CMHN is one of the seven groups that make up the Business Coordinating Council, which was founded in 1976 with the goal of coordinating the policies and actions of Mexico's business associations.

http://www.globalpost.com/dispatch/news/agencia-efe/130710/mexicos-largest-companies-invest-27-bn