Wednesday, December 6, 2023

Governor says Nuevo León will receive US $12B in foreign investment

Nuevo León governor Samuel García predicted that foreign direct investment (FDI) in his state could double 2022 figures this year.

While he withheld names due to confidentiality agreements, the governor said his predictions correlate with confirmed investments to be made in his state.

Jalisco - Nuevo León business meeting
Jalisco governor Enrique Alfaro (center) with Nuevo León governor Samuel García (right) and businessmen at the event. (@Samuel_GarciaS Twitter)

During the second annual business meeting between Jalisco and Nuevo León, held in Ajijic, Jalisco, García stated at a press conference that last year Nuevo León broke records, with FDI totaling US $6.44 billion. However, this figure is higher than the US $4.39 billion reported earlier this month by the governor.

“Practically, two out of every ten dollars [in national FDI] arrived in Nuevo León,” he said. “This year, [Nuevo León] will receive over US $12 billion in investment.” 

García stressed that “investment doesn’t come on its own” and that it requires exposure to “show off work, the ecosystem, and everything that is in our states.” He added that when it comes to Nuevo León, “the business environment is unmatched.” 

When reporters asked if Tesla “would turn its back on Nuevo León” after news that several Mexican states are vying for the company’s investment, he said he couldn’t answer because of confidentiality agreements. However, he hinted that adjustments were being made to facilitate the arrival of the company, and added he was hopeful that “very soon” important news could be shared regarding “big companies” that will settle in the state.  

García also said that nearshoring is an opportunity that only comes every 50 years, and that it’s very important to not let the opportunity pass. “Sectors like auto parts, new technologies and even medicine will grow,” he forecast.

During the joint event with Jalisco governor Enrique Alfaro, an agreement between Nuevo León and Jalisco was introduced to strengthen international trade. García announced they will provide an exclusive lane at Puerto Colombia Customs (at the U.S. border of Nuevo León) to facilitate exports from Jalisco to the U.S.

García said the Jalisco lane will allow merchandise to cross “in five minutes”, since it is a one-stop office for customs authorities from both countries, as well as the Texas Department of Agriculture.

Among the attendees of the bilateral business meeting were former Deputy Minister of Foreign Commerce, Luz María de la Mora, and former Economy Ministers Ildefonso Guajardo, Sergio García de Alba and Eduardo Sojo Garza Aldape. 

Businessmen representing companies based in both Nuevo León and Jalisco were also in attendance.

With reports from El Economista and Jalisco Quadrantin

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