Privates Welcome Sheinbaum’s Narrative Shift; Action Still Needed

The business community’s response to President Claudia Sheinbaum’s first 100 days is mixed. While the shift from a confrontational to a more collaborative approach with the private sector is welcomed, challenges like a strained federal budget and the Mexico-US relationship remain.

During the 85th General Assembly of the American Society of Mexico (AMSOC), María Ariza, Director General, Institutional Stock Exchange (BIVA), said that despite the multiple challenges the country faces, the shift in the federal government’s narrative and openness toward the private sector is positive. “I see a more collaborative relationship with the business sector. The rhetoric of division between entrepreneurs and the people is now in the past. I believe the focus is now on working together,” she added.

Manuel López San Martín, Journalist, Política MX, and Host, ADN40, however, noted that while Sheinbaum has taken a more conciliatory tone, her administration's agenda remains unclear, and many of its decisions appear reactive rather than proactive. He emphasized that the business sector, regardless of size, is seeking not just an invitation to participate in policy discussions but genuine consideration in decision-making. Without meaningful dialogue and inclusion, he argued, the government’s message of collaboration risks clashing with reality.

Sofía Ramírez, Director General, México, ¿Cómo vamos?, emphasizes the importance of job creation and formalization, noting that 70% of Mexican families rely on salaries and that 2024 ended with little to no job growth. In this sense, she considers industries like electronics to offer a great opportunity due to the country’s growth in supplying products for such industries in the United States, substituting China. 

José Sánchez, Chief Economist, HSBC México, noted that global trade is undergoing a regionalization process with North America taking a strategic position due to its production capabilities and large consumption, including Mexico, which is estimated to grow over 1.3% in 2025, according to HSBC. “In 2024, Mexico exported US$617 billion. While private consumption has been moderating, it remains positive. In the financial sector, we continue to see credit placement growing at a steady pace, with low double-digit and high single-digit rates from the perspective of business credit and mortgages,” he added. 

Ramírez noted that while it is important to consider internal factors, external challenges are also influential in Mexico’s potential for economic development, especially in an environment with tariff threats. "All growth estimates from the financial sector and international institutions are based on a scenario without tariffs. If tariffs are imposed, they could disrupt these projections. Uncertainty will define 2025 and 2026, and all growth, employment, and economic forecasts should be taken with caution. Hopefully, Plan México will provide a clear path forward," she added. 

López San Martin said that security and a tax policy are key factors in determining investment decisions, as he considers companies are subject to “double taxation” from the government and from organized crime. "If there is a real commitment to supporting entrepreneurs and fostering prosperity, taxes need to be lowered. Incentives must also be provided so companies can invest their capital instead of spending it on paying the government," he added.

Ramírez disagreed with San Martín on taxes, arguing that reducing taxes is unfeasible as the government needs to invest. She stressed the importance of improving tax enforcement and expanding the formal workforce to support long-term growth. Rather than cutting taxes, she called for better fiscal management, including streamlining business processes and investing in public security, education, and health. 

She also highlighted the need to invest in the effectiveness of Mexico’s fiscal system, rather than increasing or reducing taxes, citing that for every peso the tax authority invests in enforcement, it collects MX$130 (US$6.27). Ramírez emphasized that Mexico’s competitiveness relies on these investments, especially as it continues to play a vital role in US trade. "Then, we must bet on becoming competitive from another angle. The United States cannot be without external suppliers and must decide whether it wants the deficit with Mexico or Asia,” she added.