The Foreign Ministry supports public-private partnership to promote women's economic empowerment

The Foreign Ministry supports public-private partnership to promote women's economic empowerment

• Foreign Secretary Alicia Bárcena signed a letter of intent with Walmart to benefit women-led SMEs.
• She highlighted the importance of SMEs as job creators and called for leveraging Mexico's geographic and trade advantages to support small Mexican producers.
  

At the inauguration of the Walmart Growth Summit Mexico 2024 held this Thursday, Foreign Secretary Alicia Bárcena highlighted the important role played by public-private partnerships in building a more equitable and inclusive Mexico.

Speaking to representatives of the Economic Development Ministries of Mexico's 32 states, business organizations and Walmart executives, Secretary Bárcena extended her thanks for the invitation to the event and commended the initiative to include Mexican companies as Walmart suppliers.

Walmart Growth Summit Mexico 2024 was attended by more than 350 companies, 90 percent of which are small- and medium-sized enterprises (SMEs), which, she said, represent the diversity of the business community and play a key role in driving the national economy.

"With more than five million of them throughout the country, they represent more than 70 percent of our total employment and contribute 50 percent of our Gross Domestic Product (GDP). They are the heart of our communities and the levers of the inclusive development that we want to see reach every corner of our country," said the secretary.

Secretary Bárcena congratulated Walmart for its internationalization and for the growth it promotes among its suppliers by bringing Mexican SMEs into global commerce.

She commended Walmart's efforts to keep the prices of basic foodstuffs competitive: "Walmart has been lowering its prices every day [...] I want to highlight the important role that Walmart plays in not leaving anyone behind, not leaving anyone out, and doing so in this very important network of producers and suppliers, building a value chain," which contributes to the profound transformation that Mexico is undergoing under the leadership of President Andrés Manuel López Obrador.

Secretary Bárcena said that Mexico must take advantage of the global trends of relocation and nearshoring and the growth of e-commerce, as part of its trade with the United States. Mexico is the United States' top trading partner, with bilateral trade amounting to more than 745.627 billion dollars in 2023.

"We trade 1.5 million dollars a minute [with the United States]. The truth is that Mexico has already displaced China as the top trading partner of the United States, and I think that is where we have to take advantage," said the foreign secretary.

"I believe we have a historic opportunity to seize what is being called [...] Mexico's great moment, in which the relocation of companies is becoming an enormous opportunity for everyone." If Mexico's full potential for nearshoring is tapped, the Association of Mexican Banks recently estimated that our GDP could grow an additional 1.7 percent over the next four years.

Secretary Bárcena signed a letter of intent with Walmart representatives to support women-led SMEs, saying that inequality is one of the main obstacles to boosting economic growth, social development and trade in Mexico, Latin America and the Caribbean, which is why the Foreign Ministry has promoted initiatives with the private sector for the economic empowerment of Mexican women.

She also highlighted the government's promotion of inclusive development that includes a humanist vision in all areas, including human mobility. The partnership with Walmart has the potential to help address the structural causes of irregular migration and improve economic conditions in the communities of origin through job creation.

"We believe that work is the master key to combating inequality and poverty. Migrants, in most cases, are people in a situation of labor mobility who are desperately seeking more and better opportunities. We believe there is an invaluable opportunity to employ migrants and refugees," she said.

The event was chaired by Walmart Mexico, Central America, Chile and Canada Regional CEO, Guilherme Loureiro; Senior Vice President for Corporate Affairs, Walmart Mexico and Central America, Javier Treviño Cantú; Senior Vice President of International Marketplace, Walmart, Darren Carithers; and Senior Vice President of Purchasing and E-Commerce, Walmart Mexico and Central America, Dolores Fernández.

Secretary Bárcena assured them that the Foreign Ministry is their ally in strengthening Mexico's business sector and promoting its inclusive development.