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Recent and upcoming investment in Mexico

COVID-19

During July the third wave of COVID-19 infections has accelerated in Mexico and the level of restrictions on mobility and business activities has increased.  One state returned to red, the highest level on the epidemiological traffic light system, and the number of states at the second highest level, orange, jumped from one to five.  The alert level in Mexico City continues to rise, going from green to yellow to orange since early June.  Nonetheless, the Health Ministry (Secretaría de Salud) has expressed reluctance to place strict restrictions on business and mobility in order to allow the economy to function.

ECONOMY AND INDUSTRY

  • Mexico’s exports of auto parts grew by an annualized rate of 22.5% through the first four months of this year, according to Economy Ministry data. Industry analysts cited increased regional content requirements under the new USMCA trade agreement as boosting exports to the United States and Canada. (El Financiero, July 19, 2021)
  • Same-store retail sales in June rose 14.4% with respect to the same month last year, the National Retailers Association (ANTAD) reported. Monthly year-on-year retail sales data continue to reflect the impact of store closings in 2020 due to the COVID-19 pandemic. (Citibanamex Reporte Económico Diario, July 13, 2021)
  • In May, a record number of visitors from the United States arrived by air in Mexico, according to the Anahuac Tourism Research Center (Cicotur). The 970,000 air passengers from the U.S. during the month exceeds the number for the same month in 2019, before the start of the COVID-19 pandemic. (Reforma, July 6, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Oil rigs: Mexican petroleum marine services provider Marinsa invested approximately US$26 million in two offshore oil drilling platforms in the Gulf of Mexico, the company reported. Marinsa is providing rehabilitation and installation services to national oil company Petróleos Mexicanos (Pemex) for the development of 20 offshore oil fields.  (Reforma, July 31, 2019)
  • Electronics: French automation technology multinational Schneider Electric inaugurated a new “intelligent” production plant in the northeastern state of Nuevo León, the company reported. The US$37 million facility is planned to produce devices such as motor controls, lighting panels and safety switches. (Somos Industria, July 2019)
  • Mining: Canadian-owned Compañía Minera Cuzcatlán plans investment of approximately US$12.8 million at its San José del Progreso mine in the southern state of Oaxaca, the company reported. Resources will principally support extended exploration at the silver and gold producing site. (Reforma, July 25, 2019)
  • Hotels: U.S. hotel operator Choice Hotels reported plans to open seven new hotels in Mexico this year via investment of approximately US$39 million. The new properties will target the business travel market and include locations in the cities of Monterrey, Querétaro, Pachuca, Villahermosa, Hermosillo and Mexico City. (Reforma, July 24, 2019)
  • Aviation: Mexican private aviation services provider Redwings reported plans to establish an aircraft maintenance center in the central state of Querétaro. The US$15.8 million FBO facility will provide specialized aircraft services including painting to regional operators. (Somos Industria, July 2019) Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Petroleum: Netherlands-based oil company Royal Dutch Shell is projecting investment of approximately US$800 million in Mexico oil exploration operations, the company reported. Separately, Spanish oil company Repsol reported plans to invest US$330 million in deep-water exploration off Mexico’s Gulf coast. (Reforma, June 17 and 19, 2019)
  • Banks: Spanish bank BBVA plans investment of approximately US$3.3 billion through 2024 in Mexico banking operations, the company reported. Resources will support replacement of automatic teller machines (ATMs), renovation of branches and efforts to extend services to unbanked or underbanked sectors. (El Sol de México, June 11, 2019)
  • Optical equipment: German precision device manufacturer Carl Zeiss announced a US$41 million expansion of its plant in the northwestern border city of Tijuana. The upgrade will add two production lines in support of the company’s PhotoFusion vision products operations. (Siglo21 Periódico Industrial, June 18, 2019)
  • Coatings: Mexican steel maker Altos Hornos de México (AHMSA) and Korean machinery manufacturer Paco Engineering announced an alliance to establish a coatings plant in the northern state of Coahuila. The US$20 million facility is expected to provide painting of galvanized steel sheeting for construction and appliance manufacturing applications. (Reforma, June 11, 2019)
  • Solar power: Chilean green power developer Atlas Renewable Energy inaugurated its first project in Mexico, the Guajiro solar park in the central state of Hidalgo. The US$100 million site, which is planned to have installed capacity of 129 MW, will supply electricity to Mexico’s Federal Electricity Commission. (Reforma, June 11, 2019) Continue reading Recent and upcoming investment in Mexico