This week, the Confederation of Employers of the Mexican Republic (COPARMEX) raised concerns over the 2024 Federal Budget Proposal (PPEF). The PPEF also significantly increased the budget for the Felipe Ángeles International Airport (AIFA).
In other news, Michoacan and Nuevo Leon keep investing in infrastructure to cater to nearshoring needs, as both states announced big projects to improve their manufacturing and logistics capacity.
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The Mexican Ministry of Finance and Public Credit (SHCP) introduced a series of guidelines to grant tax benefits to taxpayers engaged in productive economic activities within the Development Poles of the Isthmus of Tehuantepec. The guidelines aim to promote responsible investment and development in the region, enhancing the well-being of the local population and reducing regional inequality.
The port of Lazaro Cardenas continues to strengthen its infrastructure. SSA Mexico allied with as ASIPONA Lazaro Cardenas to expand the Specialized Automobile Terminal (TEA) to attend the increasing demand of the Asian market and reinforce the port’s competitiveness. The expansion represents a MX$54.2 million (US$3 million) investment.
Efforts continue in Nuevo Leon to strengthen cross-border trade, as Governor Samuel García inaugurated the checkpoint of Port Colombia-Laredo. This crossing point connects Nuevo Leon with Texas, the US, and is working to make customs safer and faster.
SHCP’s 2024 Federal Budget Proposal sets the budget of both Mexico City International Airport (AICM) and Felipe Ángeles International Airport (AIFA) at MX$1.5 billion (US$86.7 million). For AIFA, this represents a budget increase of 79.3% versus the previous year, while for AICM, the increase is only 2.1%.
Following the 2024 Federal Budget Proposal, COPARMEX said that the budget prioritizes militarization and megaprojects at the expense of other crucial needs. COPARMEX added that it is “worried” about a forecasted increase in the public deficit. While the PPEF budgets a total expenditure of MX$9 billion (US$517.7 million), it only expects incomes to amount to MX$7.3 billion (US$423.7 million). The reduction in forecasted revenue and the larger budget will increase the public deficit, warns COPARMEX. The deficit is expected to represent 4.9% of the GDP of 2023.