The State of Arizona is set to launch a trade and investment office in Mexico City next week to expand commercial opportunities for its businesses. Arizona has reportedly raised about US$300,000 for its trade office, which will serve as a platform for businesses in both countries to expand their trade and investment opportunities.
Mexico is Arizona’s biggest trading partner, with the state exporting $6.3 billion in goods to Mexico in 2012, according to the U.S. Department of Commerce.
Arizona previously operated an office in Mexico City but it closed in 2011. The new office is scheduled to be opened on October 7, 2014. Several leading politicians from both the countries are likely to take part in the inauguration ceremony.
As part of the launch, Arizona is also sending a delegation that will meet with Mexican government and business leaders to discuss business opportunities in infrastructure development, tourism and trade.
According to reports, the City of Phoenix, the Maricopa Association of Governments, the City of Tucson and Visit Phoenix have also agreed to partner with the Arizona Commerce Authority for the launch of the trade center.
Arizona aims to compete with neighboring Texas to secure a bigger trade relationship with Mexico, whose economy is projected to grow rapidly in the wake of recent reforms.
U.S. officials believe the office will strengthen foreign direct investment, expand export opportunities for Phoenix businesses and promote tourism. One report in a Phoenix paper says Mexico’s trade relationship with Arizona currently supports more than 110,000 jobs.