Peña Nieto meets industry leaders

Friday, 21 February 2014 00:10 
BY MAURILIO SOTO
The News


MEXICO CITY – Mexico’s economic competition initiative will take on the country’s monopolies and provide opportunities for small- and medium-sized businesses, said President Enrique Peña Nieto on Thursday.

Peña Nieto made his comments at a meeting with industry leaders at the 2014 National Industrial Convention, titled “Re-industrialization to Transform Mexico: Time to Act,” organized by the National Industrial Transformation Chamber (Canacintra).

Canacintra President Rodrigo Alpizar Vallejo said that Mexico does not have a solid and growing internal market, which he said hampers the country’s export potential. He told Peña Nieto that Mexico needs to be able to stand strong in a shaky global economy.

Peña Nieto responded to these comments by saying that Mexico now has the framework it needs to free in the country’s economic potential, reminding everyone that he delivered his economic competition initiative to the Chamber of Deputies on Wednesday.

Peña Nieto said that that there are plans in his initiative to make the Federal Economic Competition Commission (Cofeco) an autonomous governmental body, which he said would open opportunities for small- and medium-sized businesses and generate employment in the country.

He said that the new economic competition law will prohibit “monopolies, monopolistic practices, illicit concentrations and barriers that reduce, harm or impede free competition.” He also said that new mechanisms to secure the procurement of primary materials and to penalize abusive exploitation by dominant economic actors will also be implemented.

The Cofeco, Peña Nieto said, will be given more penalization powers, allowing it to force companies to sell interests to reestablish conditions of competition in the markets. He added that its autonomous nature will also establish greater transparency in the commission and garner more public trust.

“Overall, with the initiative of the economic competition secondary laws, we look to increase competition, and with that, have greater economic growth and generate more jobs,” he said, adding that the completed reform will open more spaces for participation and opportunity for small- and medium-sized businesses.

“Each time a company increases its workforce, produces a quality product or grows its market, not only does the company grow, but Mexico too,” Peña Nieto said.