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Mexico Shines as a Popular FDI Destination: SHCP

By Emilio Aristegui | Sat, 07/23/2022 - 06:23

Google’s decision to bring its digital cloud to Mexico highlights the country’s strength as an influential FDI destination in the world, while adding a powerful physical infrastructure for financial transactions that will seek to amplify the country’s financial inclusion plans.

The communications giant just announced an upcoming Google cloud region in Mexico, as previously reported by MBN. This decision showcases the country’s attractiveness to FDI, according to SHCP. “The creation of the Google Cloud Region in Mexico endorses that our country is one of the main recipients of foreign direct investment in the world and will generate an important boost in the productivity, competitiveness and growth of our economy in general and mainly of the digital economy at the national level,” explains the SHCP via a press release.

Gabriel Yorio, Deputy Minister of Finance, highlighted that the Google Cloud Region in Mexico will be of vital importance to boost the Mexican financial sector. Banks will be able to use digital infrastructure in a much more efficient way to comply with all necessary regulations thanks to the addition of this regional cloud, which is the third one in Latin America after the recent creations in Brazil and Chile.

The SHCP claims that this project will facilitate the growth of the digital payment system, strengthen the development of fintech tools and reduce the cost of data storage and operational risk control strategies. The project also has the objective of having a positive impact on the environment, as physical infrastructure will permit a more efficient way of operating.

President Andres Manuel López Obrador also indicated his commitment to close the financial inclusion gap in the country with the Google Cloud Region, which will benefit 142,000 small and medium enterprises (SMEs) by generating more jobs and by closing the digital gap in Mexico. The Mexican government is also working to amplify coverage to marginated regions in the country under fair prices to incorporate the entire population digitally.

“The digital strategy of this administration has marked a new path in relation to government providers, establishing a level playing field in technology contracts, and has opened up competition to new companies. We are advancing at an accelerated pace, bringing free internet connections and telephone service to the most remote towns,” said Emiliano Calderón, Coordinator of the National Digital Strategy, Presidency of the Republic.

The data used in this article was sourced from:  
SHCP
Emilio Aristegui Emilio Aristegui Junior Journalist and Industry Analyst