Time for Mexico, Finland to Explore Win-Win Opportunities

We have reviewed the macroeconomic variables and the global industrial entanglement of Mexico and have been surprised by the intrinsic resilience of Mexico as an industrial platform. The new federal government of Mexico led by President Claudia Sheinbaum, marks a pivotal moment in the nation’s political and economic direction. We expect strengthening consumer and investor confidence triggered by a steady increase in purchasing power, internal market growth, and intensified investments by Mexican capital, both public and private, together with growth in foreign direct investments. 

In response to this context, Finnish companies are looking at Mexico as a key partner. Finnish businesses have developed expertise in fields closely related to Mexico's priorities, including sectors such as renewable energy, critical minerals, sustainable mining, retail optimization, and waste management. We will support Mexico’s clear and determined focus on improving in the areas of sustainability, innovation and infrastructure. Finland’s unique expertise is well positioned as an ideal partner to contribute to Mexico’s progress. With the renewed EU-Mexico Free Trade Agreement on the horizon, now is the time for Mexico and Finland to collaborate and explore win-win business opportunities. We are in the process of preparing attractive financial instruments to boost investments in key areas like critical minerals. 

Finnish Presence in Mexico and Latin America

Finnish companies have a long and successful history in Latin America, which currently hosts over 220 Finnish subsidiaries. Remarkably, Mexico stands as Finland’s second largest trade partner in Latin America, with more than 40 subsidiaries that generate over €‎2 billion (US$2.2 billion) in turnover. Strengthening this relationship further, Finland’s ambassador to Mexico, Ari Mäki, was recently accredited as the country’s official representative.

Finnish companies have not only cultivated economic growth in Mexico but have also been key in developing innovative solutions to its local challenges. One long-standing example is Vaisala, a global leader in weather, environmental, and industrial measurements, which has been active in Latin America since 1939. Aleksis Kajava, vice president for Europe and Latin America, Weather at Vaisala, shares that, “success in Latin America depends on building trust-based relationships, maintaining a local presence, and having a partner network, while committing to long-term goals.” Likewise, companies that embrace these principles have thrived in the region’s competitive environment.

Emerging Business Sectors

Latin America is experiencing strong economic growth and stability, making it one of the most attractive markets for new investors. Mexico is surely no exception to his trend, and several sectors and industries can profit greatly from Finnish expertise and know-how: 

Energy: Mexico is increasingly focusing on renewable energy, biofuels, and hydrogen, all of which align with Finland’s strengths in clean energy technologies. Finnish companies are well-positioned to collaborate in the development of biofuels, sustainable aviation fuels, hydrogen adoption, and bioenergy solutions. Additionally, the expanding role of ethanol in energy production and maritime transportation widens the scope for Finnish collaboration.  

Mining and  Natural Resources: Latin America is home to some of the world’s largest mining regions, with Mexico ranking as the largest silver producer and among the top gold producers worldwide, and the region holding around half of global reserves of lithium, and more than a third of copper and silver reserves. A key focus area for Finland is sustainable mining, which has also been a subject for discussion in Mexico, Brazil, Chile, and Peru, as they explore the use of green hydrogen in mining, among other good practices. More specifically, Finnish companies offer high expertise in sustainable mining practices, mineral recovery from tailings, circularity in mining, electrification and development of autonomous mining equipment, and the adoption of renewable energy in mining operations. 

Manufacturing and retail: Mexico's retail sector is expected to maintain its significant growth, particularly in e-commerce and digital transformation, as manufacturers and retailers are increasingly seeking solutions to enhance operational efficiency. Finnish companies like RELEX Solutions offer radical advancements in these matters through a retail optimization software that enhances efficiency, predicts demand, manages inventory levels, and reduces waste. They are committed to supporting this evolution by partnering with leading Mexican retailers and consumer goods companies, such as OXXO, GNC Mexico, Qualtia, and Grupo Merza, to enhance supply chain efficiency and sustainability. Moreover, as stated by José Flores, marketing director for Latin America at RELEX, “By integrating advanced CO₂ analytics into our solutions, we empower retailers to track and reduce the carbon footprint of their operations, aligning with global sustainability goals.”

Waste Management and Recycling: Mexico has shown strong commitment toward building a more resilient, green, and circular economy, seeing it as a positive socioeconomic opportunity. More specifically, the country’s public institutions at both the federal and state levels view the circular economy as a driver of economic growth, social inclusion, and green job creation. The launch of the Zero Waste program by Mexico’s Ministry of Environment and Natural Resources (SEMARNAT) in 2019 marked a remarkable milestone in recognizing waste as a national challenge. The comprehensive environmental justice project developed by SEMARNAT under the new federal administration, alongside the recent creation of the Agencia para la Gestión Integral de Residuos (AGIR) by Mexico City’s Ministry of Environment (SEDEMA), showcases Mexico’s strong commitment to a sustainable, inclusive economy. In Finland, less than 1% of waste ends up in landfills, with nearly all of it being recycled or used for energy. This presents a great opportunity for collaboration in the waste management sector. A great example is Tana Oy, a Finnish environmental technology company, which has partnered with Grupo GH in Mexico to develop innovative waste industry solutions. As Tapani Haavisto, business development director at Tana, puts it: “Mexico has a zero waste goal, which is a great opportunity to build win-win projects creating value out of waste.”

Building Strong Local Partnerships

Success in Latin America hinges on cultivating reliable local partnerships. To establish long-term, sustainable relationships, it is essential to identify suitable partners, build trust, and focus on mutually beneficial collaboration. 

Lamor, a company providing environmental solutions to clean the world, has subsidiaries in Colombia, Peru, Chile, and Ecuador, as well as partnerships in several other countries in the region. Johan Grön, CEO of Lamor, highlights that, “Trust is one of the key factors in business and the basis for partnerships. Local win-win partnerships are crucial for building a long-term sustainable business.” Business is done once there is mutual respect and trust.  

Doing business abroad requires a deep understanding of the particularities of the local culture. Business Finland recently interviewed 12 Finnish companies that highlighted the importance of building partnerships and shared best practices in navigating the Latin American region. A comprehensive guide on these insights can be found here: Best Practices Guide.

Latin America presents a wealth of opportunities for Finnish companies, with the region’s growing focus on sustainability, innovation, and infrastructure. As Mexico continues on its path of transformation, Finnish expertise is well-aligned to support its progress, whether in clean energy, sustainable mining, retail optimization, or circular economy solutions.

The key to long-term success lies in building strong, trust-based partnerships. By working hand in hand with local businesses and institutions, Finnish companies can create lasting impact, drive innovation, and contribute to a more sustainable future. With a shared vision of progress, Finland and Mexico have an exciting road ahead — one of collaboration, growth, and new possibilities.

Now is the time to seize the moment and build something great together!