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News Article

Florida Identifies Interoceanic Corridor Trade Opportunities

By Fernando Mares | Thu, 06/23/2022 - 17:15

Florida, one of the largest states of the US in terms of GDP, is looking for business opportunities in the country’s southern region, examining the logistical advantages that the Interoceanic Corridor could bring.

According to the Consul General of Mexico in Miami, Jonathan Chait, Florida is a natural trade partner for southern Mexico. Once the Interoceanic Corridor is ready, it would present a great opportunity for infrastructure development and investment in the south, which will strengthen the existing bilateral trade relationship between Mexico and Florida. 

Chait highlighted the growing demand for agricultural products like lemon in the US state, as well as for automotive and aerospace products. According to experts, linking with Florida’s ports will be easier once the corridor is finished. Therefore, trade with the US could trigger growth for Mexico’s southern producers. 

According Eric Olafson, Director of Global Trade and Business Development, PortMiami, it is important to promote alternative means goods transportation, like railways and ships. This could reduce the carbon footprint and requires less personnel than operating trucks. “If you change the route, you will save time and money. You can reach Miami’s ports like Everglades, Tampa, Manati and Panama City and put the goods on a train, which means you will save more money than by using a truck,” he added. 

Between June 15 and 16, 2022, Roberto Velasco, Chief Officer, the North America Unit of Mexico’s foreign affairs ministry, visited Miami to promote collaboration between the countries and their respective private sectors. Velasco also focused on boosting the relocation of supply chains. He announced that the next Mexico-Florida Commercial Mission will be held in collaboration with Miami’s World Trade Center between June 19 and June 24 in Mexico. The event will gather representatives of Miami’s ports, entrepreneurs and chambers of commerce. Chait added that the Interoceanic Group will also present industrial park projects to the representatives of Miami’s ports and invite them to participate. 

Mexico’s south is connected to Florida via the Tuxpan, Coatzacoalcos and Progreso ports. Mexico is the second trade partner of Florida, with an exchange worth of over US$11 billion in 2021. This business has created more than 300,000 jobs 

The Interoceanic Corridor is one of the López Obrador administration’s main projects. It aims to foster the economic development of the historically marginalized southern part of the country. the project consists of a multimodal corridor at the strategic Isthmus of Tehuantepec crossing it from Coatzacoalcos, Veracruz to Palenque, Chiapas.
 

The data used in this article was sourced from:  
Government of Mexico, MBN, Expansión
Photo by:   Venti Views
Fernando Mares Fernando Mares Junior Journalist and Industry Analyst