Mexican construction company Empresas ICA and Singapore's KS Energy have agreed to invest some $500 million in a joint venture that will provide drilling services and heavy machinery for oil and gas exploration activities, authorities said here Saturday.

The agreement was signed during the visit to Singapore by a Mexican business delegation headed by Foreign Relations Secretary Jose Antonio Meade, a trip aimed at promoting investment in Mexico.

On Saturday, Meade met with a group of executives of companies in key sectors of the Asian nation's economy, Mexico's Foreign Relations Secretariat said.

Empresas ICA CEO Alonso Quintana and his KS Energy counterpart, Kris Wiluan, signed the accord.

The Singapore business leaders expressed keen interest in reforms being carried out by Mexican President Enrique Peña Nieto's administration to open the country's economy to greater foreign investment.

Singapore is the second-largest Asian foreign investor in Mexico and the 14th-biggest overall, the secretariat said. EFE