Opening development of oil sector catapults Mexico as leader of emerging markets
Monday, January 06, 2014
Mexico is gaining stature as an invigorated leader among the world’s major emerging markets thanks to the speedy enactment last month of far-reaching energy reforms that are expected to boost economic growth by opening development of its vast oil and gas resources.
While other emerging-market titans such as China and Brazil are faltering and casting about for new sources of growth, Mexico has gained a rising reputation and prospects. Last year under President Enrique Pena Nieto, the slumbering Latin American giant tapped its potential by enacting an overhaul of its state-owned energy sector and a series of reforms in taxes, labor, education and telecommunications. The rush of reforms has, among other things, swept aside 75-year-old restrictions against foreign investment in the state-controlled energy sector that have stifled development.