Singapore enjoys a growing economic relationship with Mexico, with opportunities in key sectors of oil and gas, manufacturing, and urban solutions, International Enterprise (IE) Singapore said on Wednesday.

It said at its iAdvisory seminar on business opportunities in Mexico that bilateral trade with the second largest economy in Latin America has doubled over the last decade to $4.2 billion last year.

This makes the country Singapore's fourth largest trading partner in Latin America.

Mexico is also Singapore's second largest investment destination in the region. As at end 2012, Singapore's stock of direct investment into Mexico amounted to $1.14 billion.

In oil and gas, IE Singapore noted that Mexico's growing needs for energy has prompted its state owned energy company, Pemex, to increase investment in exploration and production activities.

Some $188.3 billion will be invested in this sector between now and 2018, with more than 16,000 wells to be drilled before 2021.

"As a leading player in the global oil and gas sector, Singapore companies have the expertise and experience to cater to Mexico's need," it said.

It added that Singapore manufacturers supplying to the aerospace, automotive and medical technology players in the US and South America can consider Mexico as a potential manufacturing base, for closer proximity to their key clients.

In addition, IE Singapore said that Singapore companies can benefit from the Mexican government's plans to invest $502.3 billion by 2018, in transport and energy related infrastructure. A total of 1,100 tenders are expected to be announced.