Mexico Business Forum: Progress, State of Affairs, The FutureBy Cinthya Alaniz Salazar | Wed, 03/02/2022 - 10:09
Last year, Mexico saw a seismic innovation revolution that helped foster domestic competition. In 2022, companies will be looking to refine their guiding principles in consideration of new technology innovations, federal policies and the investment landscape. Building on the digital transformation, Mexico Business confronted the multilateral challenges of 2021 with the explicit reexamination of business practices including operations, sustainability and new technologies.
Having realized the competitive value of the digital transformation, business became increasingly receptive to new technology applications and solutions, leading to the accelerated adoption of cloud services, AI, machine learning and big data analytics across all industrial sectors. This cultural shift has helped businesses optimize their operations, reduce their carbon footprint and foster a more dynamic domestic market.
This fervent progression has not gone unnoticed by international technology companies and venture capitalists, which have poured in billions of dollars of investment funds with the goal to capitalize on Mexico’s emerging market. Throughout the first nine months of the 2021 Mexico’s FDI was 5.7 percent higher than during the same period in 2020, bringing in north of US$18 billion according to data from the Ministry of Economy. For its part, the flow of venture capital increased by 294 percent over 2020, approaching US$5 billion, according to Transactional Track Record. On the ground, this helped generate highly-skilled employment opportunities and fuel the emergence of a vibrant and competitive fintech and startup ecosystem.
The intersection of these macroeconomic conditions helped invigorate the initial take-off of Mexico’s economy, even in the face of secondary COVID-19 induced challenges and policy changes. By the end of 2021, Mexico’s GDP grew 5.9 percent, surpassing all economic projections after falling off 8.5 percent during the first year of the global pandemic. Two years later, the digital transformation is helping stimulate innovation across Mexico’s industrial sectors, leading to the revaluation of status quo business practices, sustainability and the reigning capitalist model.
Mexico Business hosts conferences on Mexico’s most important industries. In 2021, the company welcomed 2,136 industry-shaping companies and 758 leading speakers to 13 industry-leading conferences. Now hosted on Zoom, Mexico Business Forum will break geographical barriers and welcome global industry leaders while reducing COVID-19 related risks or possible outbreaks.
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