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Leading Los Angeles and Mexico business organizations sign MOU to promote trade, investment

LOS ANGELES – 03/10/08 – The Los Angeles Area Chamber of Commerce and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) have signed a memorandum of understanding to promote business collaboration, international trade and investment between Los Angeles and Mexico.

The agreement – the first formal collaborative partnership between Los Angeles-area and Mexican business organizations – was signed during a recent meeting between Mexican President Felipe Calderon and Los Angeles Mayor Antonio Villaraigosa.

Under the terms of the pact, the Chamber of Commerce and COMCE “will encourage, promote and organize trade missions, matchmaking and networking opportunities for Los Angeles and Mexican businesses.”

The two organizations have also agreed to share foreign trade, direct investment, and economic information to help improve trade between the City of Los Angeles and Mexico.

"Trade with Mexico is critical to the Los Angeles economy," said Gary Toebben, President & CEO of the Los Angeles Area Chamber of Commerce. "We are proud to partner with COMCE to strengthen trade relations between our two countries and bring new business opportunities and foreign investment to Los Angeles."

Trade between the greater Los Angeles region and Mexico is valued at $3.2 billion, according to the most recent figures released by the US Department of Commerce.

From 2005 to 2006, the growth in bilateral trade between Los Angeles and Mexico surged by 20%, making Mexico L.A.'s 16th largest trading partner. The region's largest exports include computers, aircraft and telephones, while oil, steel and iron are among the largest imports.

The Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) is a leading Mexican private-sector organization whose mission is to promote international business between Mexican and foreign companies throughout the world.

COMCE links Mexican entrepreneurs and companies with their counterparts in other countries and is comprised of more than 70 Bilateral Business Committees, grouped in six International Sections representing North America, Europe, Asia and the Pacific Rim, Central America and the Caribbean, South America, Africa and the Middle East.   

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