Image credits: Martin Sanchez
Weekly Roundups

INAI Requests Key Information on Another Government Project

By Paloma Duran | Thu, 11/17/2022 - 10:00

The National Bank for Foreign Trade (BANCOMEXT) said that it did not have the information requested about a key government project. Nonetheless, the National Institute for Information Access and Personal Data Protection (INAI) found that the bank can obtain it. The Transisthmic Corridor will begin transporting goods in April 2023 and link to the Mayan Train later that year, said the project’s Director. In addition, the Interoceanic Corridor is expected to be cheaper and faster than the Panama Canal.

Ready for more? Here is your weekly roundup!

INAI Asks About Dos Bocas Refinery’s Financial Information

After an information request was denied, the INAI ordered BANCOMEXT to reveal information regarding financing approved for PEMEX and its contractors toward the construction of the Dos Bocas Refinery.

Transisthmic Corridor to be Ready in 2023

The Transisthmic Corridor Project Director Rafael Marín Mollinedo said this week that the corridor will begin transporting goods as soon as April 2023, adding that by December of the same year, the corridor will link to the Mayan Train with a route from Coatzacoalcos to Palenque. 

Interoceanic Corridor to Move 1.4 Million Containers A Year

Industry experts expect that the Interoceanic Corridor of the Isthmus of Tehuantepec will greatly boost Mexico’s potential as a transporter of goods, as it will be able to move over 1.4 million containers per year. 

Nearshoring Brought US$2 billion in October

Mexico received at least 20 new investment projects in October 2022, according to Credit Suisse’s Mexico Nearshoring Tracker Second Edition. The report points to the automotive sector as the largest attractor of Foreign Direct Investment (FDI), followed by the heating, ventilation, air conditioning, machinery, furniture, consumer, plastics, electronics and textile industries. 

Steel Production Increases by 23 percent

The incorporation of new steel production capacity in Mexico increased the national production of flat steel by 23 percent in 2022 and permitted the country to lower imports by 9 percent. Moreover, exports grew 98 percent, according to Daniel Riojas, Assistant Director, Altos Hornos de México. 

Jorge Nuño Appointed as Head of The Ministry of Infrastructure

President López Obrador announced that Jorge Nuño will be the next Minister of Infrastructure, Communications and Transportation, after the previous minister, Jorge Arganis, said he will not be able to continue in the position because of health problems. 

Alicia Bárcena’s Nomination to Head IDB Withdrawn

The Mexican Ambassador to Chile, Alicia Bárcena, said she asked President López Obrador to withdraw her nomination to head the Interamerican Development Bank (IDB). The nomination could have secured her a spot in one of the most important financial institutions in the region. Gerardo Esquivel has been nominated as the new candidate.  

The data used in this article was sourced from:  
Photo by:   Martin Sanchez
Paloma Duran Paloma Duran Journalist and Industry Analyst