ICC Forecasts Over US$40 Billion FDI for Mexico in 2024

Mexico will attract over US$40 billion in foreign direct investment (FDI) and achieve growth exceeding 2.5% in 2024, according to the International Chamber of Commerce (ICC). This growth is anticipated to be fueled by nearshoring, amid a landscape marked by electoral times and international conflicts.

However, the ICC recognizes that challenges such as insecurity and limited access to renewable energy persist as impediments for companies that have deferred their investment projects. According to Claus von Wobeser, President, ICC, unlocking private investment in the energy sector should be a priority for Mexico's presidential candidates. He emphasizes that the primary limitation to economic growth lies in the lack of electricity for the manufacturing industry planning to invest in Mexico.

"Insecurity is an extremely delicate issue that, unfortunately, impacts investment flows. If resolved, there would be a greater influx of foreign investment. Clearly, the energy issue is pressing because if the expected investments come and the energy issue remains unresolved, there will be a very serious bottleneck," explained von Wobeser during a press conference. 

In outlining Mexico's areas of opportunity in 2024, the ICC president highlighted safeguarding the economy, leveraging nearshoring, enhancing security, strengthening the rule of law, and ensuring political-electoral stability.

Mexico’s competitive edges, as per the ICC, lie in the automotive, aerospace, and aeronautical industries, along with technological fields like computers and cables. Additionally, the country holds strengths in agribusiness and potentially in logistics, transportation, and storage due to increased demand for industrial facilities and related manufacturing infrastructure, according to the ICC president.