Among the main Mexican companies in Peru are Grupo México, América Móvil, Ica, Arca Continental, Grupo Salinas, Bimbo, Mabe, Femsa and Cinépolis.
According to projections by the Central Reserve Bank of Peru (BCRP), Peru’s economic activity during the first half of 2022 registered a year-on-year growth of 3.5%, driven mainly by the dynamism of private consumption and the recovery of exports.
The BCRP also estimates that GDP will register a 3.0% growth in 2022, a lower rate than the one estimated in the previous Report (June 2022, 3.1 percent). This revision corresponds to lower mining production growth.
Meanwhile, for 2023, the BCRP revises the projection from 3.2 to 3.0 percent, due to lower activity in non-primary sectors such as manufacturing, construction and services, reflecting the lower projection of private consumption and investment.
Likewise, it estimates that GDP will be close to its potential level in the projection horizon.
On the economic and trade front, Mexico is one of Peru’s main partners.
Companies in Peru
Peru is the second largest recipient of Mexican foreign direct investment in Latin America, after Brazil, with a cumulative total of around US$17 billion over the last 10 years, according to figures reported by the companies themselves.
The SRE emphasizes that Mexico and Peru are heirs to the oldest and most diverse civilizations in the Americas, in addition to the fact that both countries share a great variety of historical, cultural, natural and religious similarities.
These are elements that widely favor and stimulate bilateral understanding and dialogue, which are based on mutual respect.
The formation of the Pacific Alliance in 2011, of which Chile and Colombia are also part, has been a trigger for the deepening of the relationship, with the intensification of dialogue in the political, economic, commercial and cultural fields.
Bilateral relations
Peru is a strategic partner for Mexico. Since July 17, 2015, the bilateral Strategic Association Agreement (AAE) has been in force, which created a Council at the level of foreign ministers that facilitates political and economic concertation, through the promotion of initiatives that enhance this mutually beneficial relationship.
The Council is composed of three committees: 1) Political Affairs; 2) Economic, Commercial and Tourism Affairs; and 3) Cooperation. In addition, it has a civil society forum, which is convened to provide feedback on agreed strategies with the views of different social sectors.
The Council and its bodies have met on three occasions: the first time in Mexico City (March 17, 2016); the second, in Lima (July 20, 2017); and once again in Mexico City (January 7, 2020).
The fluidity of the dialogue is evidenced in constant meetings between representatives of the Executive, Legislative and Judicial branches of both countries. Among these, the visit of President Pedro Castillo to Mexico within the framework of the VI Summit of Heads of State and Government of CELAC, held on September 18, 2021, stands out.
