Mexico’s Minister of Finance, Rogelio Ramírez de la O, informed that the southeast region of the country has received over US$30 billion in investment for infrastructure projects, with which the government aims to incorporate the historically marginalized region into the thriving USMCA-backed business environment.
Ramírez highlighted that despite the economic growth in recent years, Mexico’s past governments have mainly focused on the northern region of the country. For this reason, he urged private players to switch up their approach and focus on more underdeveloped areas instead.
The minister informed that of the US$30 billion, US4 billion are destined for railways, US$4 billion for airports, US$10 Billion for highways, US$10.5 billion for refineries, US$1 billion for ports and US$300 million for the modernization of customs offices. He added that the projects are planned to be finished in 2023, a year before the termination of López Obrador's presidential term, as the president aims to consolidate the balance sheets of the investment done between 2020 and 2023 in 2024. “Leaving these projects unfinished for the next administration is unfair, which is why the president will visit the project sites weekly,” said Ken Salazar, the US Ambassador to Mexico.
The southeastern region could benefit greatly from the USMCA dynamic, since the region has a skilled labor force, vast natural resources and a close connection with ports and industrial parks, among other features. “Private investment will come. We will work closely with them to interconnect the southeast and promote investment. The message sent to markets and to companies is intended to make the project understandable,” Salazar added.
Salzar commented that since he took office in Sept. 2021, he focused on fostering investment in the Tehuantepec Isthmus because the area’s development had stagnated for decades. He expressed his confidence in the impact the investment will have on the integration of the North American region and recognized Mexico’s efforts to build the Transoceanic corridor’s facilities, as well as those to develop the Coatzacoalcos and Salina Cruz ports. “This is a great advantage for economic integration, as the country creates new opportunities along the Gulf of Mexico, not just from the Mobile Port in Alabama, but all along the US East Coast, to New York and beyond,” Salazar added.