Mexican president-elect says investors have nothing to fear

Mexico City – Mexican president-elect Claudia Sheinbaum said Tuesday that investors had nothing to fear from proposed judicial reforms that have rattled confidence in Latin America’s second-largest economy.

“National and foreign investors have nothing to worry about,” Sheinbaum said at a news conference after receiving a visiting US delegation that included Homeland Security Advisor Elizabeth Sherwood-Randall.

“Their investments are safe in Mexico, within the framework, obviously, of our laws,” said Sheinbaum, who was elected Mexico’s first woman president by a landslide on June 2.

“So they have no reason to be concerned about a reform in the judiciary,” she said, adding that the proposed changes would create a “better justice system.”

Mexico’s stock market and currency fell sharply last week on fears that a sizeable majority in Congress would enable Sheinbaum’s left-wing ruling party to push through constitutional changes potentially damaging to the business and economy.

One of the proposed reforms — which require the approval of two-thirds of Congress — is for judges to be chosen by popular vote.

“Unfortunately, because there are also many honorable exceptions, people have a perception of corruption in the judiciary,” said Sheinbaum, who has pledged a “broad consultation” on the proposals.

The former Mexico City mayor, who won nearly 60 percent of votes, will replace her close ally and mentor Andres Manuel Lopez Obrador as president on October 1.

Sheinbaum said that she would maintain his focus on the root causes of migration — one of the key issues in relations with the neighboring United States.

“We will continue to insist on development cooperation, addressing the causes of migration,” she said.