Mexican president lauds private sector's confidence in investment

Mexican President Enrique Pena Nieto on Wednesday praised the country's private sector for keeping investing domestically amid a climate of uncertainty caused by troubled ties with the United States.

Speaking at the inauguration of an automotive parts plant in northern Mexico, Pena said: "The private business in our country does not give up in the face of uncertainty, and is very determined to continue investing and growing with Mexico."

The high pressure die casting (HPDC) plant is located in northern Nuevo Leon state, owned by Mexican auto parts maker Nemak, which supplies major global automakers like Ford, General Motors, Audi and Volkswagen.

The 200-million-U.S.-dollar plant is expected to create 610 direct jobs and up to 1,800 indirect jobs.

There are more than 850 auto parts manufacturers in Mexico, with exports growing at an average annual rate of 9.8 percent from 2012 to 2016, according to official figures.

The ongoing investments show "the confidence that our business leaders have to keep betting on Mexico, and keep believing in Mexico's future," said Pena.

Mexico is now in preparation for renegotiating the North American Free Trade Agreement (NAFTA) with the United States, as the Trump administration claims the two-decade agreement has unfairly benefited Mexico. Endi