This week, Mexico Business Forum 2021 Echo (MBF2021 Echo) gathered a pool of experts to discuss Mexico’s financial future. Meanwhile, the Federal Government announced a 4.7 percent increase in the expected amount of national funds for states and municipalities.
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Building with green materials and focusing on more sustainable projects will bring major benefits in the future, agreed experts during MBF2021 Echo. “Sustainable construction is not a luxury. It is an absolute necessity if the world is to continue as we know it today,” said Alicia Silva, President, SUMe.
The creation of an interconnected ecosystem through, could allow Mexico to take a major leap and gain competitiveness in the global stage. The country, however, needs more education funding to close the gap between developed and underdeveloped countries, Rasmus Duun, General Manager, Lego Group in Latin America.
Mexican startups have to search for funding while simultaneously developing the technologies of the future. An increase in investment in Latin America could greatly benefit newcomers seeking to enter the market. “This is the best time in human history to begin a startup,” said Diego Muradas, Co-Founder and CEO, Insurance startup Zenda.la.
Mexico has become an important global hub for startups because “the stars have aligned,” said Nima Pourshasb, CEO&Co-Founder, Minu, referring to “capital access, ambitious entrepreneurs and a diversified talent pool.” Mexico’s proximity to the US was a major factor for businesses deciding to invest in the country but Mexico now holds value of its own and is now a favored strategic business entry point for businesses of all kind.
The average consumer is searching for better financial services, as banks have been slow to introduce changes to improve efficiency and customer services. Aitor Chinchetru, Founder&Co-CEO at Fintonic explained how opportunities are beginning to develop for international companies in the Mexican market, “The Mexican market is screaming for disruption in its financial and banking markets. This is why so many startups and fintechs are coming to Mexico, since they can provide better products and services.”
The Ministry of Finance and Public Credit (SCHP) stated through a press release that Mexican states and municipalities would see their budgets increase by MX$100 billion (US$4.92 billion) in 2022. SHCP highlights that these funds represent an increase of 4.7 percent from the estimated amount.