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Recent and upcoming investment in Mexico

COVID-19

The accelerated contagion of COVID-19 continued to worsen during August, with seven states now classified as red (highest alert) on the national epidemiological traffic light system and 17 states at orange, the second highest level of alert.  The country is currently reporting approximately 6,000 new cases per day nationwide, however this is down from over 20,000 per day earlier in the month.  Health Ministry authorities have reported that at least 17 states are beginning to register declines in the number of new cases, raising hopes that the third wave is beginning to ease.

ECONOMY AND INDUSTRY

  • Through the first six months of 2021, remittances to Mexico from abroad became the country’s single largest source of foreign currency, according to data from central bank Banco de México (Banxico). The US$23.6 billion in remittances during the period exceeded the value of other key income categories such as Foreign Direct Investment (FDI), petroleum exports and tourism. (La Jornada, August 18, 2021)
  • The Mexican Social Security Institute (IMSS) reported the number of formal jobs registered nationwide in the system reached a historic high in July. The number of part-time jobs declined, indicating that the recent reform to reduce the outsourcing of employment is driving companies to bring formerly independent workers on staff. (Reforma, August 13, 2021)
  • Income from international tourism in Mexico in June exceeded that of June 2019 by 4%, demonstrating significant recovery of Mexico’s tourism industry despite the ongoing pandemic, according to data from the National Statistics Institute (INEGI). The number of international tourists arriving in the country jumped 211% from June 2020, due to business shutdowns last year. (Citibanamex Reporte Económico Diario, August 11, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Food processing: Guatemalan food processor Alimentos Idealsa plans to establish four processing plants in the southern state of Chiapas, the Chiapas state government reported. The company’s Mexican subsidiary Naisa Aceitera de la Selva is expected to produce edible oils at the US$105 million complex. (Cuarto Poder de Chiapas, December 23, 2019)
  • Leisure: Mexican cinema operator Cinemex plans to open seven new locations of its Alboa entertainment centers via investment of approximately US$26 million, the company reported. Alboa combines bowling lanes, live music venues and food and cocktails. (El Financiero, December 18, 2019)
  • Airports: Mexican airport operator Grupo Aeroportuario del Pacífico (GAP) reported plans to invest approximately US$1.2 billion over the next five years to expand and upgrade airport infrastructure. Projects include a new terminal for the Gudalajara airport, a new terminal building in Puerto Vallarta, a passenger processing facility in Tijuana and upgrades to two passenger terminals and possibly a new runway in Los Cabos.  (Reforma, December 13, 2019)
  • Pharmaceutical: French pharmaceutical multinational Sanofi reported investment plans totaling approximately US$77 million through 2023. Resources will support clinical studies and the expansion of a vaccination production plant in the Mexico City area. (El Financiero, December 11, 2019)
  • Natural gas: Mexican natural gas infrastructure operator Fermaca inaugurated a gas pipeline linking southern Texas to the central state of Aguascalientes, local media reported. The US$740 million mega-project has capacity to transport 1.3 billion cubic feet of gas per day. (Natural Gas Intelligence, December 11, 2019) Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Pork: U.S.-Mexican pork producer Granjas Carroll de Mexico inaugurated a large pork processing plant in the southern state of Puebla, the company reported. The US$145 million facility is equipped with eight biodigesters to produce clean energy and has processing capacity of 600 hogs per hour. (El Financiero, February 21, 2019)
  • Chemicals: Netherlands-based chemicals maker Nouryon reported it will expand its manufacturing plant in the central State of Mexico. The US$17 million upgrade will allow the site to increase production of organic peroxides used in the manufacture of PVC and other plastics. (El Financiero, February 19, 2019)
  • Automotive: German automotive components manufacturer Preh inaugurated a new pre-production plant in the northeastern city of Nuevo León, the company reported. The US$7.4 million facility will allow Preh to expand production capacity for products such as dashboard electronics, climate control, audio and navigation systems. (Zócalo, February 15, 2019)
  • Telecommunications: Mexican telecommunications multinational América Móvil reported plans to invest approximately US$8.5 billion this year across operations. Resources will support expansion of wireless coverage, data transmission capacity and 5G technology. (El Financiero, February 14, 2019)
  • Mining: UK and Mexico-based mining company Fresnillo reported investment plans totaling approximately US$1.98 billion to support operations in Mexico over the next three years. Plans include acceleration of silver and gold extraction as well as the expansion of the company’s pyrites plant in the northern state of Zacatecas. (El Financiero, February 27, 2019) Continue reading Recent and upcoming investment in Mexico