Mexico is situated in north - western part of Latin America.The ethnic composition of Mexico and the famous identities of its region along with extremely bright culture have been created by the influence of external indigenous and migration of people. The culture of Mexico is also influenced by African and Spanish civilizations. The valuable assets of the region are its rich diversity of varied cultures. For conducting business in Mexican environment, a wide knowledge of its intricate culture and heritage need to be properly understood. For those who want to conduct business in Mexico and make them successful, it is necessary to acquire a clear knowledge of tradition and culture of Mexico.
Formal approach of business relations is adopted by Mexicans. They address the business partner with the suitable title. Civility or professional titles are utilized which is followed by a surname. The business meeting starts with the most suitable type of greeting such as warm and positive handshake. This is done both in case of arrival and departure from the meeting regardless of gender or superiority. A vital part of Mexican business procedure includes reliable contacts and connections need to be secured for maintaining the business. For gaining trust and success in business in Mexico, it is essential for the use of ‘personal introductions’ with the help of a common friend or a suitable professional. The negotiations of business are a lengthy procedure in Mexico and exchange of elements is expected. It is also vital to note that Mexican business people are inclined to support business decision as well as proposals based on the level of trust of the individual established with the foreign counterparts. (Communicaid Group Ltd, 2009). 3.0 Mexican Economy The economic pattern of Mexico can be understood by analyzing the sectoral and regional economic pattern of the nation. The recent data of Gross Domestic Product of Mexico shows that the service industry is dominating in the market of Mexico. The service has huge contribution to GDP other than the industrial sector. The industrial sector accounts for slightly more than one fourth of GDP. The manufacturing industries have dominated in the market. There is a strong growth in mining and construction industries in the last eight years. Growth has been particularly high in the areas of metal industries as well as machineries and equipments, indicating a gradual sophistication of the Mexican product portfolio. The textile industry has shown failure in competitiveness which implies that it has grown lower than the average point. Due to rising of manufacturing costs in Mexico, the attractiveness of the country as a textile producer is losing its sheen. The low-rated countries in Asia and Central America too are capturing amounts of business in large scale. Till now, the efforts of the Government to protect this industry through a moderately protectionist sectoral trade policy have not been capable to prevent this erosion. Mexican region, for the past fourteen years, has not experienced development from the expansion of economic growth. Mexico City, on the other hand, has the benefit of per-capita income of little more than 15.000 USD. In the Southern states of Chiapas and Oaxaca, GDP per capita remains lower than 3.000 USD. The same is relevant for industrialization. The accounts manufacturing is about 30% of GDP in several states in the region of Mexico City and in the North, it remains below 5%. This includes the units of Southern Campeche and Chiapas. The significance