On December 15, 2016, the Mexican Senate approved an amendment to articles 6 and 7 of the Mexican Foreign Investment Law. This proposal has been submitted to the congress so the legislative process may be concluded (Expected on March 2017).
The main highlight is the increase from 25% to 49% the percentage foreign investment is allowed in Mexican companies engaged in domestic air transportation service (both passengers and cargo), including taxi and specialized air transportation services.
The above mentioned amendment takes place within the context of Mexico City's new international airport construction, one of the world´s most important airport projects which will have four times the operation capacity of the current airport, becoming the backbone of domestic and international flights in Mexico and the region.
The above represents an excellent opportunity to invest in Mexico aviation industry, considering the growing trend in the cargo transportation marketplace (The International Air Transport Association -ATA- estimates that the number of passengers travelling by air plane to grow at a rate of 4.1 percent annually in the upcoming years).
The lawyers of the Basham´s aviation law practice area is available to answer any questions or to provide any further information on the above.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.