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Mexico insists on taking advantage of industrial relocation


Mexico insists on taking advantage of industrial relocation

Mexico, Feb 23 (Prensa Latina) Mexico insists on taking advantage of the alleged benefits of industrial relocation (nearshoring) by lending its territory to foreign companies that abandon their headquarters for different reasons.

The statement was made by Secretary of Finance and Public Credit (SHCP) Rogelio Ramirez, although he admitted that for this to happen there must be joint participation by the public and private sectors.

Many companies are leaving countries where they have been established for years, due to higher labor costs, military or social conflicts, and low competitiveness, among other causes, and are migrating to places where conditions are more favorable.

This phenomenon of relocation of supply chains is known in the business jargon as nearshoring, and the Mexican Government’s criterion is that the country has the investment and labor conditions to take them on, and even through a geographic redistribution that allows it to serve regions with lower employment or development rates in this way.

In this regard, Ramirez estimated that if companies can easily and efficiently introduce their products and take them out of the country in the same way, there will be more investment in Mexico.

The vision of the Government and development banks, he added, is to take advantage of these circumstances, the success of which will have an impact on the country in the relocation and reindustrialization processes to come.

Mexico grew 3.0 percent in real terms and 2023 has very good prospects to approach last year’s growth rate, unless there is a war or a major global recession.


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