October 16, 2000

Fox stomps in Texas for investment to Mexico.

HispanicVista.Com[

Continuing his now often repeated "this is Mexico's moment," Mexican President-elect Vicente Fox gave a talk at the University of Texas, Austin. Fox has maintained a torrid pace traveling to the U.S., Europe, Central and South America before assuming the presidential office on December 1, 2000.

He has a hard sell to make to foreign investors. While world leaders and investment bankers approve and see great future potential with the dramatic political changes Mexico's electorate made on July 2^nd ousting the 71 year entrenched PRI, the fact remains Fox and his party have no experience governing the affairs of the worlds 15 largest economy.

If Fox's programs are to succeed, he must give confidence to foreign investors. Mexico does not have the financial resources to invest to the extent needed to achieve economic growth, be competitive in the world markets, and create the number of jobs needed to maintain unemployment in check

"The first of December the people of Mexico will enter into a great crusade against poverty, corruption, crime, illiteracy, and loss of hope," in fluent English exhorted Fox in Austin at the Fortune 500 Forum assisted by Texas senior management executives.

He repeated his campaign promises to make Mexico an attractive place to invest, to revamp the justice system and fight the high rate of crime brought about since the 1994 devaluation of the Mexican monetary system, and cast Mexico into a prolonged and serious economic crisis. He will also improve the educational system to better prepare and provide higher skilled workers.

"This is our moment, Mexico's moment, the moment for a new American Hemisphere, and a new era of prosperity between our countries. The time to invest in Mexico is now," he said, adding, "Mexico's economy is wide open to investment. Whatever bottle-neck there may still exist will be removed."

It is clear Fox wishes to get a running start, so when he assumes the Presidency there will not be a gap of time due to a "wait-and-see" attitude common with investors.

Experts are divided in their opinion. Some believe the orderly transition taking place, coupled with the continuing strong Mexican economy, and the support President Zedillo and his top administrators are giving Fox's transition team, bodes well for attracting investment. Other experts say that at the end of the day, investors are fickle and will hesitate to invest until they see how Fox is faring in office and who he appoints to the major positions, particularly those affecting the nation's economic course.