Generate trust and know the local market, keys to entering the Mexican market

Conference at the Business Circle, in Vigo

Professionals from Banco Santander, the consultancies Implicatum and Proactive & Proasa, and the law firms Caruncho, Tomé & Judel and Ribadeneyra, Treviño & de Campo, have detailed the key points for the expansion of a Spanish company in Mexico to be a success. .

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How to do business in Mexico has been the question that a group of experts have tried to answer in a conference that met this Tuesday in Business Circle, in Vigo, to representatives of fifty Galician companies.

 

Professionals of Banco Santander, consultancies Implicatum and Proactive & Proasaand law firms Caruncho, Tomé & Judel and Ribadeneyra, Treviño & de Campo, have detailed the key points so that the expansion of a Spanish company in Mexico be a complete success. A country that is the first destination of our exports en Latin America, and our fifth largest market outside of European Union.

 

Above all, the experts highlighted the importance of entering with someone who knows the local market and sounding out other companies that have had experiences before, because sharing a language is not everything. “When doing business, trust is super important; it is very rare for Mexicans to do business with someone they do not trust or know. That first part of getting to know the potential partner, supplier or client takes time,” he explained. Pablo López, director of Implicatum.

 

Have support from Spain makes that task easier. And this is what they do since Banco Santander with its business support service, International Desk. “What the bank has established is a line of non-financial support for all of the group's client companies and for this we use our important presence in the Mexican and Spanish geography to accompany our clients in their internationalization process", has detailed Manuel Expósito, director of International Business of the Territorial of Galicia and Asturias of Banco Santander

 

A service that more and more clients demand because the mexican market It arouses a lot of interest in our country, in companies from very diverse sectors. Remember Vidaur Mora, partner of the Mexican law firm Ribadeneyra, Treviño & de Campo, that Mexico It is a country very open to foreign investment and that historically has maintained important commercial relations with Spain and Galicia. The current interest is focused on the “automotive, textile, agricultural, technologies and services” sectors.

 

Throughout the day, the protection mechanisms that exist to prevent fraud in foreign subsidiaries have also been explained, and the various legal formulas that a company can use to enter Mexico. One of them, the joint venture, through which we can have a local partner in the destination country that facilitates access to the market. “We understand that it is especially viable and interesting for SMEs since they lack the personal and material resources of multinationals,” he indicated. Rafael González del Río, partner at Caruncho, Tomé & Judel.

 

Those attending this event have also been interested in the working conditions in the Mexican country, in which the average salary of a worker in the manufacturing sector is around 1.200, 1.500 pesos per week, that is, between 55 and 70 euros per week. .