(MENAFN) China has cooperated with Mexico to apply a mutual investment fund of a whopping USD2.4 billion to promote and support development, according to the latest reports.
In particular, Mexico intends to use the fund for the automotive industry and infrastructure construction, such as ports, sectors in which firms from both nations can benefit each other.
In 2014, China became Mexico's second-largest trading partner after the United States, which reflected the significant increase in imports of intermediate and capital goods from China.
The Chinese government and Mexican state-run financial institutions are to finance the fund, but the percentage each will contribute has yet to be hammered out," said the Mexican president.
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