Nearshoring Key to Mexico’s Economic Growth: Minister of Economy

Minister of Economy Raquel Buenrostro met with the Ministers of Economic Development of various states to discuss strategies to take advantage of relocation and nearshoring.

Mexico has a unique opportunity thanks to its unique and privileged geographical position and numerous commercial agreements, says Buenrostro: "Mexico is at the best moment due to its geopolitical position, which allows us to generate development poles in the different regions of the country.”

During the “National Economy, Facing Relocation: Challenges and Opportunities for Mexico” meeting, several members of the Mexican Association of Ministers of Economic Development (AMSDE) met with Alejandro Encina, Deputy Minister of Foreign Trade, and Luis Abel Romero López, Deputy Minister of Industry and Commerce, to create strategies to boost the participation of the main industries that benefit from relocation, which include semiconductors, automotive, electronics, medical devices, pharmaceuticals and agribusiness.

All parties agreed on the importance of providing legal and operational certainty for foreign companies, as this is key to maintaining existing investments while opening the door for new projects.

Americas Partnership for Economic Prosperity (APEP) Recognizes Importance of Greater Regional Collaboration
Last Friday, the governments of Barbados, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru, the US and Uruguay launched the APEP to boost economic recovery post COVID-19, address global inflationary issues and find ways to achieve sustainable growth.

Buenrostro highlighted the importance of economic inclusion, environmental protection and strengthening of industrial supply chains. "Another aspect of utmost importance for the region is undoubtedly strengthening supply chains in strategic industries, and although this is considered by many as an extremely challenging objective, we are sure that the region has the material resources and, above all, the human resources to succeed in such an important task," says Buenrostro, according to T21.

Katherine Tai, US Trade Representative, called the APEP a “historic agreement” that would strengthen economic ties in the region. “We are committed to working with our partners to fully implement these existing agreements.  But at the same time, we recognize that we need new tools to address new problems that will shape the coming decades – to better integrate our economies, reinforce our regional ties and ensure that the benefits of trade are shared by all our citizens,” says Tai, according to Just Style.