Millionaire Investments From Switzerland Will Arrive to MexicoBy Alessa Flores | Thu, 07/30/2020 - 14:25
The Swiss-Mexican Chamber of Commerce and Industry (SwissCham-Mexico), under the Presidency of Fernando Cruz, revealed that different companies from Switzerland announced their investment and expansion plans in Mexico starting this year, according to a note by Milenio. So far two companies have announced investments for the following years: Adval Tech, an auto parts manufacturer, and Givaudan, a company in the chemical industry.
The company Givaudan reported that it plans to continue investing in the state of Queretaro and that it will allocate MX$1,200 million (US$54.4 million) to the municipality of Pedro Escobedo, according to Milenio. Likewise, General Director Leonel Chagoya and Global Director of Ingredients for Fragrances Jorge Badenas announced that the company has plans to invest MX$3,600 million (US$163.2 million) to grow the company between 2020 and 2025. On the other hand, Adval Tech's Director of Business Development Abraham Camacho revealed that the company would expand its Queretaro plant by 2021, representing a great investment for the state and the country.
However, Switzerland's investments in Mexico are not new. Both countries have a strong investment and trade relationship. Switzerland was the ninth-largest foreign direct investor in Mexico with US$6.8 billion in 2018 and bilateral trade between Mexico and Switzerland amounted to US$2.4 billion in 2019. In addition, the 50 members of the chamber participate in most sectors of the Swiss economy and create more than 40,000 direct jobs in Mexico, explained Fernando Cruz, President of the Swiss-Mexican Chamber of Commerce and Industry in an exclusive article for MBN.
It should be noted that the Swiss-Mexican Chamber of Commerce and Industry is the main representative body of Swiss companies in Mexico, with the aim of strengthening economic relations between the two countries. It was inaugurated on Nov. 3, 2016, during the state visit from the President of the Swiss Confederation to Mexico. The more than 50 Swiss companies in Mexico work in various sectors of the Mexican economy, from food and beverages, technology, insurance, chemistry, infrastructure, logistics, banking to watchmaking.
This article was updated on July 31 with the correct investment figures in Mexico.Two paragraphs were also eliminated for clarity.