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Recent and upcoming investment in Mexico

COVID-19

Mexico’s COVID-19 indicators have generally improved over the past month.  The number of new cases per day has declined steadily compared to January, and the national rate of hospital bed occupation is down to 40%.  Bed occupation is higher in the Mexico City area at 60%, however this is an improvement over the peaks of 90% reached in January.  Mexico’s vaccination campaign is gaining speed after a poorly executed launch, however the number of vaccinations administered lags behind the average rate of most developed countries. (Data taken from Citibanamex Monitoreo de COVID-19, February 25, 2021)

ECONOMY AND INDUSTRY

  • Retail sales in Mexico contracted 9.3% in 2020 with respect to the previous year, reaching their lowest level since 2014, according to data from the National Statistics Institute (INEGI). The only subsectors posting positive growth were online and catalog sales (52%) and health-related products (6%). (El Economista, February 25, 2021)
  • Mexico’s construction industry was hit hard by the economic slowdown in 2020, contracting 17.5% on the year, according to data from the National Statistics Institute (INEGI). The drop-off is the steepest for the industry since 1995. (Reforma, February 12, 2021)
  • Remittances from abroad to Mexico represented 3.8% of the country’s GDP in 2020, a record high. The total value of remittances to Mexico grew by over 10% last year with respect to the previous year. (El Economista, February 1, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the past month:

  • Wind power: Spanish energy developer Iberdrola is planning to build four new wind energy generation plants in the southern state of Puebla via combined investment of US$2 billion, the company reported. Iberdrola recently inaugurated a 66 Mw wind power plant in the same state at a cost of US$130 million. (Reforma, November 26, 2015)
  • Food processing: Mexican dairy products producer Cremería Americana and Austrian baking ingredients producer Backaldrin jointly installed a new plant in the central State of Mexico at a cost of approximately US$2.3 million.   The facility is expected to produce specialized flours for local and regional industrial bakers such as Mexico’s Bimbo. (El Financiero, November 24, 2015)
  • Transportation: U.S.-Mexican joint venture Otay Tijuana Ventures is nearing completion of a new border-crossing facility between the cities of Tijuana, Mexico and San Diego, United States. The US$120 million binational bridge linked to the Tijuana airport is expected to include retail space and significantly reduce border crossing time for travelers. (El Financiero, November 25, 2015)
  • Automotive: South Korean auto maker Kia Motors announced it has completed construction on a state-of-the-art manufacturing complex in the northeastern state of Nuevo León. The US$3 billion plant is composed primarily of stamping, body welding, paint and assembly modules. (Automotive Fleet, November 24, 2015)
  • Biotechnology: Mexican pharmaceutical manufacturer Liomont plans to construct a new production plant in the central State of Mexico at a cost of “several million dollars,” the company reported. The site is projected to begin producing biopharmaceuticals to treat chronic degenerative diseases in 2017. (Reforma, November 23, 2015) Continue reading Recent and upcoming investment in Mexico