Guanajuato Becomes Magnet for Japanese Investment
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Guanajuato Becomes Magnet for Japanese Investment

Photo by:   Umit Y, Unsplash
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Reneé Lerma By Reneé Lerma | Journalist & Industry Analyst - Wed, 10/25/2023 - 12:58

Guanajuato is fast becoming a magnet for Japanese investments, driven by initiatives of major players such as Toyota and Honda. These efforts are poised to attract investments exceeding US$600 million to the state.

As the current administration enters its final year, government officials have surpassed their initial target of attracting US$5 million in investments. Ramon Alfaro, Minister of Sustainable Economic Development of Guanajuato, reported an influx of investments, totaling US$6.5 million, accompanied by a diverse array of 129 national and foreign projects.

Japan has emerged as the state's leading trading partner, contributing to 30% of these investments. The United States closely follows, representing 20% of foreign investments, while Germany has firmly established its presence in automotive manufacturing and parts production.

One crucial element contributing to this achievement is Guanajuato's strategic location within the Bajio region, coupled with its robust manufacturing capabilities. This blend makes the state an alluring prospect for both domestic and foreign investors. As previously reported by MBN, Guanajuato’s automotive and auto parts industry has become a principal source of employment in the region. Guanajuato previously committed to creating nearly 25,000 jobs this year. Job opportunities are expected to continue expanding thanks to the growth of automotive companies in the state, says Alfaro.

Guanajuato has continuously grown its exports. In 2007, the state exported goods worth US$6 billion and by 2022, the state's exports surged to US$32 billion. The National Autoparts Industry (INA) reports that Guanajuato claimed the top spot in vehicle production in 2022, with a total of 725,251 units, representing 21.9% of the national total. 

Guanajuato's approach to diversifying its industries has fueled the state's economic expansion and opened doors to international markets, particularly in the technology and appliances sector. Amid this diversification, the automotive industry remains a compelling attraction for foreign companies seeking to establish their presence.


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Photo by:   Umit Y, Unsplash

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