Mexican tourism minister said on Tuesday that the country needs to reduce dependence on the United States for the bulk of its foreign trade and tourism and build up a more diversified market.
Addressing foreign businesses, Enrique de la Madrid said U.S. President Donald Trump’s domestically-driven policies should serve as a “reminder” of the benefits of diversifying markets for everything.
“The new government of the United States … reminds us that Mexico has to diversify, and it has to diversify in all sectors,” said de la Madrid.
Though admitting that the United States will continue to have an enormous influence on the Central American country due to its economic size and the two countries’ huge interdependence, de la Madrid stressed that “Mexico must be less dependent on the United States” and should not put all eggs in one basket.
He delivered the speech during the second day of the 2018 Meeting of Ambassadors and Consuls.
The tourism industry contributes 8.7 percent of the country’s gross domestic product (GDP), more than construction, mining and oil industries combined. The United States accounts for some 60 percent of foreign arrivals in Mexico, according to the minister.