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Potential for more trade, investment with Latin America: Iswaran

Minister in the Prime Minister's Office S Iswaran has concluded a visit to Mexico where he met officials and businessmen as well as represented Singapore at the 9th Pacific Alliance Presidential Summit.

SINGAPORE: Minister in the Prime Minister's Office S Iswaran has concluded a visit to Mexico where he met officials and businessmen as well as represented Singapore at the 9th Pacific Alliance Presidential Summit.

The Pacific Alliance summit, which brought together leaders from Mexico, Chile, Colombia and Peru, was held in Punta Mita, Mexico on 19 and 20 June.

Mr Iswaran, who is also Second Minister for Home Affairs and Trade and Industry, had earlier visited Mexico City where he met Mexican business leaders including Carlos Slim to discuss possibilities for bilateral cooperation. 

"There is excellent potential for greater collaboration between Singapore and the countries of the Pacific Alliance, in sectors such as energy and minerals, logistics, and urban infrastructure," the minister said in a statement.

The Pacific Alliance is a four-member Latin American economic grouping comprising Mexico, Chile, Colombia and Peru. It was formally established in June 2012 to create an integrated market of 214 million people with a combined GDP of US$3.1 trillion.

Trade between Singapore and Mexico has been increasing steadily over the years, reaching US$3.39 billion (S$4.24 billion) last year.

Singapore is currently Mexico's second-largest investor from the Asia-Pacific after Japan, with total direct investment amounting to some US$912 million (S$1.14 billion) as at end-2012.

Singapore companies that are already doing business in Mexico include APL, Swiber and Kaybee Group.  

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