In a context where companies are looking to adopt a nearshoring strategy, infrastructure is key to attract foreign investment. To foster a discussion regarding the development of this infrastructure, the Mexican Chamber of the Construction Industry (CMIC) and the US embassy in Mexico held a closed-door meeting, gathering Mexican and US entrepreneurs and government representatives. Among the attendees were President López Obrador and directors of some of the government’s key projects.
Participants concurred that the investment in infrastructure made in southern Mexico is important to attract further foreign investment. Francisco Cervantes, President, the Business Coordinator Council (CCE) said the meeting was crucial to help the construction sector recover from the COVID-19 pandemic and mentioned the intention of companies from both sides of the border to participate in projects to link the Pacific and Gulf of Mexico coasts.
The US Ambassador to Mexico, Ken Salazar, who opened the forum, declared that cooperation between Mexico and the US is key to strengthening the supply chain and guaranteeing economic development for both countries. “It is great to see US and Mexican companies gathering to support infrastructure goals of Mexico,” Salazar said on Twitter.
Cervantes considers Ambassador Salazar’s work fundamental to promote investment in the country. He also highlighted the government’s focus on the south of the country, as well as key private sector initiatives like the Oaxaca Pact, which aims to develop strategies toward social wellbeing through the strengthening of the state’s productive capabilities. In addition, he announced that the Third Infrastructure Package is to be announced soon by federal authorities, which will grant new opportunities to small and medium enterprises.
President López Obrador met Antonio del Valle, President, the Business Mexican Council (CMN) and Cervantes to discuss coming projects and agreements between López Obrador and US President Joe Biden.
Since president López Obrador took office, infrastructure projects in have indeed focused on the south. The region is considered to be lagging behind in comparison with center and north in terms of investment. The most important projects launched by the federal government are the Mayan Train and the Interoceanic Corridor, which according to experts have also helped the construction sector’s recovery.
Mexico’s Minister of Finance, Rogelio Ramírez de la O. informed that the southeastern region has received over US$30 billion in investment for infrastructure projects, especially for trains, highways and airports. The minister promised the projects would be finished by 2023.