China has muscled its way into investment in Mexico by grabbing two deepwater oil blocks as part of an auction considered the jewel in the crown of the country’s energy reform, in a move that boosts the two nations’ sometimes testy economic ties.
It is the first test of investment appetite in Mexico since the election victory of Donald Trump, who has blamed both countries for luring away US jobs. The result showed “Mexico is a very competitive country that attracts investment from all places,” said Pedro Joaquín Coldwell, energy secretary.
Mr Joaquín Coldwell said the Mexican government was delighted China had come “to compete and win. If that contributes to opening a new chapter [in Sino-Mexican relations] that will be something else good to have come out of the energy reform”. Two years ago Mexico cancelled a $3.6bn high-speed rail contract won by a Chinese-led consortium, straining relations.