Mexico's moment in Davos
Macroeconomic stability and an ambitious reform agenda are generating "attention and attraction" for foreign investors, Mexican President Enrique Peña Nieto told "Squawk Box" co-anchor Becky Quick from Davos, Switzerland. Mr. Peña Nieto is attending his first World Economic Forum Annual Meeting as leader of the United States's second-largest trading partner.
In the third quarter of 2013, investors poured $28 billion into opportunities in Mexico—more than double the amount in the same period a year earlier.
An era of 'great expectations'
Elected in 2012, Pena Nieto's administration has focused on wide-ranging reforms that many say could make the most significant changes to the Mexican economy in a century. In December the Congress approved an amendment that opens the currently nationalized oil and gas industries to private investment for the first time since the 1930s.
"It preserves for Mexicans the ownership of energy in our county," Peña Nieto said, conceding that it generates an era of "great expectations." Oil revenue makes up one-third of Mexico's federal budget, providing funds for roads and schools.
This creates a climate of economic stability for Mexico that Peña Nieto thinks will allow it to withstand shifts in global capital flows. The peso is the most actively traded emerging market currency. Roiling currency markets are facts "we're paying attention to," Nieto said, "and [it's] having an impact on emerging economies."
—By CNBC's Katie Kramer