Look outside of the U.S. for the next opportunity in equities, particularly beyond the southern border, said TheStreet's Jim Cramer on Tuesday.

"I like Mexico," said Cramer, who is Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio.

"I think Mexico is making a remarkable comeback. Do not short Mexico," Cramer told TheStreet's Rhonda Schaffler at the New York Stock Exchange.

Mexico's economy expanded 2.5% in 2015, steadily gaining steam from 2.1% growth in 2014 and 1.4% growth in 2013. Mexico has also enjoyed a solid start to the new year, registering strong growth in its agricultural, manufacturing and services sectors.

Cramer singled out Cemex (CX) as one Mexican company which deserves consideration. The concrete producer and distributor has risen just over 35% since the beginning of the year, handily outpacing the S&P 500's (SPY) 2.8% increase.

The iShares MSCI Mexico Capped ETF (EWW) , which consists of stocks traded on the Mexican Stock Exchange, has risen 7.8% year to date.

 

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