Wednesday, November 29, 2023

Federal, state officials meet to discuss nearshoring opportunities

All 32 federal entities have the opportunity to benefit from the nearshoring phenomenon, Economy Minister Raquel Buenrostro said Monday.

The Economy Ministry (SE) said in a statement that Buenrostro and other federal officials met with the economic development ministers of Mexico’s entities (including 31 states and federal entity of Mexico City) in order to “share joint strategies to take advantage of the relocation of new industries.”

The federal economy minister, the statement said, “emphasized the commitment” of the SE to “facilitate and accompany investment projects via a ventanilla única for investors.”

The ventanilla única is a streamlined system that allows foreign investors to complete all bureaucratic procedures on a single website.

Buenrostro told the economic development ministers that “due to its geopolitical position,” Mexico is well-placed to attract foreign investment.

“All [32 entities] are potential candidates to receive investment,” she said.

The economy minister told state officials that companies across five sectors — semiconductors, automotive, electricity and electronics, medical and pharmaceutical devices and agro-industry — are especially well-suited to relocating to Mexico.

Buenrostro, the SE statement added, “called on the state ministers to draw up a work plan for the next two years.”

“Among the points it must contain is a diagnosis of the productive vocation of each entity,” the ministry said.

Buenrostro said last November that “more than 400 North American companies have the intention to carry out a relocation process from Asia to Mexico,” while billionaire businessman Carlos Slim predicts that the nearshoring phenomenon — which is already benefiting some regions — will fuel strong economic growth in coming years.

The SE said in December that Buenrostro and U.S. Secretary of Commerce Gina Raimondo would collaborate to put together a “joint presentation” to the private sector in early 2023 in order to “disseminate the opportunities and economic and fiscal benefits that both countries offer for the relocation of companies.”

Mexico News Daily 

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