Domestic market development as important as openness for emerging economies: Mexican minister

Mexican Economy Minister Ildefonso Guajardo on Thursday stressed the importance of boosting the domestic market, saying this is as important as maintaining stability and openness for emerging economies.

"The model of stability and openness is not sufficient without being complemented by measures which allow the domestic economy to maximize its efficiency and competitiveness," Guajardo said, stressing that only by doing so will an inclusive development model be built "with an eye on the future."

Guajardo made the remarks at the 36th Session of the Economic Commission for Latin America and the Caribbean held in Mexico City.

Talking about Mexico, Guajardo said his country has not only been open to international trade for over 20 years, but also made changes to allow small- and medium-sized enterprises to flourish in the country.

The minister added that Mexico has put forward a series of public policies over the past two decades to allow more Mexicans to enter key industries, such as automotive, aerospace and IT industries.

Mexico has transformed its economy by allowing 89 percent of its exports to be drawn from highly competitive manufacturing, while fossil fuels dominated the country's export basket in the past, the minister said. Endi