Monday, May 29, 2023

We need to improve the business climate to promote nearshoring in Mexico: Irene Espinosa

For the restructuring of productive chains and the arrival of more productive investments in Mexico, we must meet several conditions, including, as a fundamental basis, improving the business climate, guaranteeing legal certainty and offering the availability of to do is included. The infrastructure needed to run these businesses, considered Irene Espinosa, deputy governor of the Banco de México.

Somehow this tells us that nearshoring cannot happen overnight, as it requires additional investment, both public and private, which will take time, he stressed in an interview.

Regarding the seizure by the Secretary of the Navy of the concessional railway from Grupo México to Ferrosur since last May 19, Espinosa said that he is unaware of more details than those described in the relevant incident statement by Grupo México that they disclosed to the Mexican Stock Exchange. (BMV) on.

“We have emphasized in various quarterly reports the message of maintaining adequate conditions to attract investment which drives sustained economic growth in the economy. And this action can indeed affect the sentiment (of the business climate). ”

However, the deputy governor observed that she preferred to be careful to see the compensation that would be given to her and in what terms.

“Beyond appreciation at first sight, it is important to wait to see how this pans out, as there is probably prior information that neither the market nor we are aware of.

“I reaffirm the message that we have delivered in the quarterly report to highlight the relevance of the business environment that can enhance and improve the investment climate,” he added.

Irene Espinosa commented that there is still no solid data that shows a greater preference for Mexico on the part of foreign investors seeking to move their businesses closer to the United States. But he assured that they are looking for the best way to identify them.

No conclusive hard data

Espinosa said the shifting of production chains and to be closer to their consumers is driving suppliers’ interest to move out of China, but many are moving to Asia, such as Vietnam or neighboring countries, and others are reaching the American continent. Are.

“But today we don’t have concrete data on how much foreign and physical investment is coming due in the near future.”

“We do not have substantial disagreement with the impending decision. However, with the intention of knowing how this event is presenting itself towards Mexico, the central bank conducted a survey among 1,500 companies with more than 100 employees. Volume should be correlated with global companies that want to relocate”.

The deputy governor said that as a result, it turned out that there are companies that are interested in relocating to the country, or are suppliers to the production chain of United States suppliers that are looking for Mexico or supplier plants that are set up in Mexico. Want to

“Today we have information at an anecdotal level, but nothing granular from official information and yes, everything indicates that this is happening and predictable indicators such as the availability of industrial buildings in the north of the country, which are less than the demand Yes,” he insisted.

He recognized that there is also a tight job market in the north of the country to be able to supply new companies setting up in the region. But we still don’t have any metrics or information that can tell us with certainty to what extent this near term is happening or what areas it is reaching.

Nation World News Desk
Nation World News Desk
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