Spanish Commerce Strengthens Role in MexicoBy Sofía Hanna | Wed, 08/25/2021 - 10:51
Spain managed to position itself as the second-largest investor in Mexico for a second time, said the Spanish Chamber of Commerce in Mexico (CAMESCOM). The chamber explained that Spanish-owned companies operating in Mexico are planning both investment and sustainability strategies for the long term.
During 2Q2021, Spanish companies increased their investment in several states of the country, with Sonora reporting an increase of 335 percent in FDI year-over-year. Similarly, Jalisco saw its investment grow by 124 percent, Queretaro by 68 percent, Sinaloa by 182 percent, Yucatan by 62 percent and Veracruz by 143 percent, reports CAMESCOM. “Globally, financial services, telecommunications, energy, construction, manufacturing, tourism and auto parts (by order) are the most relevant sectors in terms of the global volume of Spanish investment in Mexico, which exceeds 12 percent of the global stock of foreign investment in Mexico,” reads a CAMESCOM press release. The chamber has been in Mexico for approximately 130 years and is the business body that brings together a large percentage of the Spanish companies investing in Mexico.
In the press release, the chamber stated that members are planning long-term investments in Mexico as they remain committed to adapt to current challenges. CAMESCOM has sought to continue developing aspects of the bilateral relationship to promote trade and investment between Spain and Mexico. For that reason, the chamber plans to create a Sustainability Commission that will seek to act as an obligatory reference for companies with Spanish capital in Mexico on matters related to Business Sustainability.
CAMESCOM explains that this commission is necessary “in this context in which investment is so relevant, both in companies and in the amount invested, for job creation, the diversification of sectors or social impact; management and sustainability projects of Spanish capital companies in Mexico have followed one another in a progressive and evolutionary way, conferring a greater impact on their environments and interest groups,” according to CAMESCOM.
So far, the committee has identified that sustainability is relevant for 94 percent of companies with Spanish capital in Mexico. However, there is a wide and diverse level of knowledge and involvement in sustainability management by companies with Spanish capital in Mexico. The objective of the chamber is to continue raising awareness of the actions and achievements of companies with Spanish capital in Mexico. It will also seek to sensitize companies from within and outside the community about sustainable development and the impact that this has on everyone.