Since taking office in early December of 2012,Mexico’s new President Enrique Peña Nieto has quickly gotten down to business,working to open up new opportunities and tackling some of the nation’s biggest challenges head on.
Mexico real estate and the nation’s economy have been experiencing rapid growth in recent years,and with a job market that is stronger than ever and one of the world’s most secure energy markets,this trend is showing no signs of slowing down. In fact,Bloomberg reports that the new president’s reform efforts have already helped to prove he has “the political clout to overhaul oil and tax policies,helping send the country’s bond risk to a three-month low.”
Enrique Peña Nieto told the Financial Times in mid-December that he will seek to open up the existing monopoly to private investment in Mexico’s state-controlled oil company Petroleos Mexicanos,or Pemex,in an effort to boost development.
“The company is one of the world’s top oil producers,controlling Mexico’s oil reserves,estimated in slightly more than 10 billion barrels as of the end of 2011,” reports the Wall Street Journal’s MarketWatch. “A reform proposal could be sent to congress in the first half of 2013 and approved before the end of the year.”
Peña Nieto also proposed an education reform bill that aims to achieve better education for all of Mexico’s citizens,by working with the teachers’ union and creating an independent institute to evaluate schools and foster competition for jobs and promotions that is based on performance.
“The legislation is the latest in a string of early successes for Peña Nieto that includes the Dec. 13 passage of the revenue portion of the balanced budget and a deal among the three parties to present tax and oil industry overhauls next year,measures aimed at bolstering economic growth,” writes Bloomberg. “The teachers’ union said it agreed with many of the proposals in Peña Nieto’s bill.”