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Viewing cable 06MEXICO2280, PROPOSED LAW TO LIMIT FOREIGN INVESTMENT DEAD FOR

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Reference ID Created Released Classification Origin
06MEXICO2280 2006-04-27 20:45 2011-08-25 00:00 UNCLASSIFIED Embassy Mexico
VZCZCXRO7219
RR RUEHCD RUEHGD RUEHHO RUEHMC RUEHNG RUEHNL RUEHRD RUEHRS RUEHTM
DE RUEHME #2280/01 1172045
ZNR UUUUU ZZH
R 272045Z APR 06
FM AMEMBASSY MEXICO
TO RUEHXC/ALL US CONSULATES IN MEXICO COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHC/SECSTATE WASHDC 0568
INFO RUEHFR/AMEMBASSY PARIS 0347
UNCLAS SECTION 01 OF 02 MEXICO 002280 
 
SIPDIS 
 
SIPDIS 
 
STATE PLEASE PASS TO USTR JOHN MELLE 
STATE FOR WHA/MEX, WHA/EPSC, EB/OIA 
USDOC FOR ANDREW RUDMAN 
PARIS FOR USOECD 
 
E.O. 12958: N/A 
TAGS: EINV ECON MX
SUBJECT: PROPOSED LAW TO LIMIT FOREIGN INVESTMENT DEAD FOR 
NOW 
 
REF: A. MEXICO 1864 
 
     B. STATE 60478 
 
1.  SUMMARY:  The Mexican Chamber of Deputies rejected a bill 
passed by the Senate on April 4 that would have limited 
foreign neutral investment (i.e. investment in non-voting 
shares) to trusts, mutual funds, and other investment funds. 
Although the law would likely have affected investors from 
European countries - whose free trade agreements do not offer 
the same protections as the North American Free Trade 
Agreement (NAFTA) - EU embassies we contacted were not aware 
of the proposed bill, or its potential effects.  The American 
Chamber of Commerce (AMCHAM), working with other foreign 
chambers of commerce, led an effective lobbying and press 
campaign, highlighting the negative implications of the law. 
END SUMMARY. 
 
LAW REJECTED 
------------ 
 
2.  On April 26 the Economic Committee in Mexico's Chamber of 
Deputies voted against a bill approved April 4 (Ref A) by the 
Mexican Senate that would have restricted neutral investment 
(i.e. investment in non-voting shares) in Mexico.  The bill 
was returned to the Senate with 43 proposed changes.  The 
bill proposed restricting neutral investment in Mexican 
companies to trust funds and investment funds.  The proposal 
would have also restricted neutral investment in important 
sectors such as transportation, telecommunications, 
broadcasting, and gasoline and LP gas distribution.  It would 
have extended the period of time needed to get Mexican 
government approval before completion of the neutral 
investment.  The Chamber of Deputies vote returns the bill to 
the Senate, which had already finished meeting for this 
session, effectively killing it.  However, this bill could be 
reintroduced when Congress opens its new session in September. 
 
 
CONTACT WITH MEXICAN OFFICIALS 
------------------------------ 
 
3.  Post's Economic Section and Foreign Commercial Service 
Office closely monitored the progress of the law in the 
Chamber of Deputies.  The Charge sent a letter to Minister of 
Economy Garcia de Alba (Ref B) criticizing the proposal. 
U.S. Commerce Secretary Gutierrez also sent a similar letter 
to President Fox.  Econ Min Couns conveyed the message to U/S 
of Economy Villalobos.  Gregorio Canales, Director General 
for Foreign Investment at the Secretariat of Economy, 
provided frequent updates to Econoff on his discussions with 
the Chairman of the Economic Committee in the Chamber of 
Deputies. 
 
EUROPEANS REACT SURPRISINGLY 
---------------------------- 
 
4.  Econoff spoke April 21 to the European Commission (EC) in 
Mexico and the Spanish Embassy.  Post's understanding of the 
proposed law is that it would have a greater impact on 
European investors as free trade agreements between Europe 
and Mexico do not offer the same investment protections as 
NAFTA does to North American investors.  The Economic Advisor 
at the EU mission here told Econoff that they believed the 
new law would affect Americans more than Europeans 
(contradicting Post's understanding).  They mentioned that 
they too were in contact with Canales but were not speaking 
to the press.  The Commercial Counselor at the Spanish 
Embassy told us April 26 that they were unaware of the 
proposed law until they were contacted by the U.S. Embassy. 
The Spanish advised Econoff that they did not know any 
Spanish businesses that would be affected by the law and did 
not appear very concerned about the law's potential effects. 
 
AMCHAM LEADS MULTILATERAL OPPOSITION 
------------------------------------ 
 
5.  A multilateral coalition, coordinated by the AMCHAM, 
included representatives from Canadian and Japanese business 
associations.  Coalition members met individually with 
Secretariat of Economy officials and individual members of 
 
SIPDIS 
the Economic Committee of the Chamber of Deputies to show how 
the proposed law would harm current investment and deter new 
investment in Mexico.  AMCHAM also organized presentations by 
large companies such as GE which would be negatively affected 
if the law passed. 
 
MEXICO 00002280  002 OF 002 
 
 
 
COMMENT 
------- 
 
6.  Most observers here believed the Senate revived this 
bill, dormant since 2002, due to pressure from supporters of 
the anti-competitive new Radio and TV laws as well as the 
National Trucking Chamber of Commerce (CANACAR) to restrict 
investment in trucking.  This bill now is like a zombie, dead 
until revived to walk the Earth again.  It is imperative that 
the foreign business community continues to remind Mexican 
officials why FDI is important to Mexico and how laws such as 
this would affect it.  Post hopes that this proposed law 
demonstrates to other countries with significant investments 
in Mexico the need to closely monitor the legislative 
activity of Mexico in order to be able to stop something like 
this from occurring again. 
 
 
 
Visit Mexico City's Classified Web Site at 
http://www.state.sgov.gov/p/wha/mexicocity 
 
GARZA