Monterrey, Mexico (Transcript) It is a pleasure to speak before the Monterrey Chapter of the American Chamber of Commerce in Mexico. For over 93 years, the AmCham has worked successfully to promote trade and investment between our two nations. You were a key supporter of the NAFTA accords. You have had a tremendous impact on Mexico's economy and in the lives of workers: AMCHAM companies account for nearly 70% of foreign direct investment in Mexico. Approximately 30% of Mexico's workforce is employed directly or indirectly by AMCHAM member companies. This message of two-way gains was central to the visits of U.S. I commend the AMCHAM in Monterrey and its 392 members for your work in promoting shared business values and ethics in a globalized and interdependent economy. You have served your membership well. Monterrey is at the fulcrum of the economic integration between the United States and Mexico. You are proof positive that our futures are inextricably linked. This shared destiny calls for closer cooperation as we work side by side to be competitive, together in North America, in this intense era of global economic cooperation. This cooperation requires that we in government work with you in the private sector to provide the right regulatory and other governmental frameworks that facilitate business growth. Most of you in the private sector have already started this integration. Our governments need to learn from this and move forward with you. Last week, I met with some of you here with Transportation Secretary LaHood to talk about our joint transportation agenda. Both he and I were particularly struck by the story we were told about Caterpillar’s competitiveness. Production at Caterpillar is bouncing back due to growing demand for its equipment in Asia and South America. We know that commodity demand in Asia is ahead of the overall world recovery, so mining centers in China, Chile, and elsewhere are buying heavy machinery. The way that Caterpillar can meet this demand is inputs from Mexico that make its U.S. companies must find new markets overseas and compete more effectively in the global economy. But exports are not a one-way gain. U.S. products bring an injection of technology and greater efficiency—like the 14 small-scale GE turbines that operate with 50% greater efficiency to generate power for Mexico City. exports over the next five years and support two million new jobs. My colleague Ro Khanna from the Department of Commerce is here today and can talk to you more about this. To achieve the President’s ambitious goal, U.S. manufactured products globally competitive. This Illinois-headquartered company is currently deriving its growth from global sales, and it is more competitive globally precisely because it produces here in Mexico. But let’s look beyond this one company and sector. Mexico is projected to grow at about 4.0% in 2010, thanks primarily to a growth in external demand. As Mexico’s largest trading partner, much of Mexico’s expected recovery will be due to the revitalization of the United States economy which grew at 5.6% in the first quarter of 2010. To keep that process of recovery going, in February, President Obama launched the historic National Export Initiative to double U.S. Trade Representative Ron Kirk and Export–Import Bank (EXIM) Bank President Fred Hochberg when they came in February. Already EXIM does over $7 billion a year in business in Mexico. To expand that further, we signed a $1 billion Memorandum of Understanding with Banobras to support infrastructure development. We want your advice on how to channel more of this financing to SMEs.