|
Summer Networking Reception
Andres Conesa, President,
Cintra |
The Northeast Chapter of the United States-Mexico
Chamber of Commerce, headquartered in New York City,
continued with a very active role in terms of event
organization and membership consolidation during
this summer season.
The spring program started with a conference with
Juan Jose Suarez, Chief Financial Officer of
Petróleos Mexicanos (Pemex). He discussed the main
projects of the company in terms of exploration and
refining of oil, as well as on natural gas and
petrochemicals. Mr. Suárez talked about Pemex
financing programs and the challenges ahead. A topic
that was also addressed was the necessity of a
reform to allow Pemex to increase retained earnings
available for reinvestment. Early July, just a
couple of months after the conference, a Law reform
on this matter was passed by Congress. |
|
In May, the Northeast Chapter organized a conference
with Andres Conesa, President of Cintra. He
presented to the New York financial and business
community, the program for the sale of Mexicana,
Aeromexico as well as the local airlines and
companies that constitute Cintra. He explained that
Cintra’s subsidiaries are currently undergoing a
process of strengthening and restructuring that has
already produced significant positive results. Mr.
Conesa also mentioned that the Board of Directors of
Cintra has approved a divestiture model in which
Aeromexico and Mexicana will be sold in separate
packages and that according to the Mexican Law they
should remain under Mexican control with up to 25%
of foreign participation.
The Mexican Real Estate Investment Trusts (REITs)
were the subject of a very well attended seminar
organized by the Northeast Chapter. Their novelty
and intrinsic advantages and disadvantages were
discussed by legal, tax and financial experts. John
McCarthy, Director General of Mexico’s National
Trust Fund for Tourism Development, was the keynote
speaker at the seminar. He presented a portfolio of
very attractive investment opportunities in tourism
real estate developments in Mexico. A conclusion of
the seminar was that Mexican REITs are still in a
process of development and definition, yet they
represent an interesting alternative that will be
gaining effectiveness and reliability as an
investment vehicle to take advantage of the multiple
opportunities offered by the real estate market in
Mexico.
Next year’s presidential elections in Mexico are
becoming a centerpiece of discussion in economic and
financial circles in the region. Aware of this
situation and its importance for the future of the
business relations between Mexico and the United
States, the Northeast Chapter has initiated the 2006
Mexico’s Presidential Election Series. As stated by
the President of the Northeast Chapter, the purpose
of the series is to provide the members and the Wall
Street community with first hand information and
analysis on the election’s process and the profile
of the candidates contending for the presidency of
Mexico. The Northeast Chapter has invited
candidates, political parties, analysts and opinion
leaders to participate in this series by presenting
and discussing their vision, proposals and analysis.
The series was inaugurated with a roundtable with
Jorge Castañeda, Independent presidential candidate,
and with a conference with George Grayson, a
distinguished academic and advisor on Mexican
affairs, who discussed the profile and presidential
aspirations of the Mayor of Mexico City Andres
Manuel Lopez Obrador. The Northeast Chapter has
already received confirmations from candidates to
the presidency of Mexico, who will be visiting New
York to participate in conferences that will be held
as part of this series during the fall.
On a more colorful side, the Northeast Chapter hold
this last May its traditional Cinco de Mayo
Luncheon, where representatives of the
Mexican-American community got together to celebrate
and recognize the traditions and contributions of
the Mexican community to the United States. The
presence of Arturo Sarukhan, Consul General of
Mexico in New York and dignitaries of the Government
of the State of New York and the Office of the Mayor
of New York City honored the Chamber in this event.
Proclamations on the Cinco de Mayo issued by the
Governor of the State of New York and the Mayor of
the city were read and handed to the Consul General
during the event. In addition to the Cinco de Mayo
celebration, the Northeast Chapter recently held its
Summer Networking Reception, where members of the
Chamber and friends enjoy a business-networking
gathering in Pampano, one of the finest Mexican
restaurants in New York City.
|
