Mexico and Spain are aiming to double down — in almost a literal sense — on their already strong economic relationship, having announced Tuesday plans to double bilateral trade, as well as expand mutual investment by 50%, both by 2030.

After meeting in Mexico City, Economy Minister Marcelo Ebrard and Spanish Vice President Carlos Cuerpo announced that the two countries are developing a roadmap to attract investment in strategic sectors with the goal of achieving a 200% increase in business growth in both countries over the next four years. 

Cuerpo traveled to Mexico with executives from 66 Spanish companies to discuss the Mexican government’s investment program, which aligns with the country’s overarching Plan México investment strategy.

Amid greater global uncertainty stemming from the rise of protectionism, particularly after the United States imposed far-reaching tariffs on several countries, Mexico is suffering from economic stagnation. This has led the Sheinbaum government to seek foreign investment from a broader range of countries.

Mexico signed a bilateral treaty known as the Modernized Global Agreement (MGA) with the European Union on May 22, which seeks to expand trade relations and diversify exports by eliminating tariffs on 99% of products traded between the two signatories.

Spain was the first EU country to approach Mexico to develop a roadmap for trade following the signing of the MGA. 

“Spain wants to be the gateway to the European Union for Latin American economies,” Cuerpo said.

In the first quarter of 2026, Spain was the second-largest source of foreign direct investment in Mexico, at US $3.8 billion. Spanish investments have reached a cumulative total of around $64 billion since 2006, according to data from the Economy Ministry.

“We have bilateral investment of around €100 billion (US $116 billion),” Cuerpo said. “But we are ambitious; we want to strengthen this investment, and we will do so, as the minister (Ebrard) has stated, by implementing the framework, the roadmap we have thanks to the Modernized Global Agreement.” 

Around 50% of the 5,400 Spanish companies operating in Mexico plan to increase investments in the economy, according to Cuerpo. The vice president emphasized a focus on strategic sectors, such as energy, finance, infrastructure, water and technology.

With reports from El Economista and El País