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Recent and upcoming investment in Mexico

COVID-19

Mexico has suffered something of a setback in its emergence from the COVID-19 pandemic over the past month.  On the epidemiological traffic light system, Mexico City had reached green, or mild restrictions, as the beginning of the month only to return to the higher restrictions of the yellow level following the June 6 national elections.  The number of states at the orange or significant restriction level rose from one to five during the month, with reported increases in COVID cases particularly in tourist zones such as the Riviera Maya (Cancun), Yucatan and Baja California.  No PCR test or quarantine is required to enter Mexico for travelers arriving by air.

ECONOMY AND INDUSTRY

  • Same-store retail sales jumped 33.9% in May with respect to the same month last year, the National Retailers Association (ANTAD) reported. The size of the increase is due largely to the plunge in sales in May 2020 resulting from the initial COVID-19 lockdowns. (Reforma, June 11, 2021)
  • Mexico’s central bank Banco de México (Banxico) raised its projection of GDP growth to 6.0% for the current year, up from a previous estimate of 4.8%. The improved outlook is based on advances in COVID-19 vaccination, strong demand for exports and better than expected first quarter growth. (Citibanamex Reporte Económico Diario, June 3, 2021)
  • Remittances to Mexico from abroad through the first four months of the year are running 19.1% ahead of the same period last year, central bank Banco de México (Banxico) reported. Remittances are on track to post their strongest annual growth since 2005. (Milenio, June 1, 2021)

Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Tourism: The Tourism Ministry of the northwestern state of Baja California announced a US$1.5 billion infrastructure development plan to support tourism. Projects include a hotel golf course and marina complex at San Felipe and a new airport for the Pacific coast city of Ensenada. (Reforma, January 28, 2020)
  • Pharmaceutical: U.S. drug maker Pfizer plans approximately US$20 million in investment to support Mexico operations this year, the company reported. Projects include ongoing renovation of the company’s Toluca manufacturing plant, development of clinical research protocols, educational programs and social responsibility projects. (El Financiero, January 27, 2020)
  • Ports: The Mexican government announced infrastructure and logistics firms Caxxor (UK) and Acxesa (Mexico) will invest approximately US$287 million to rehabilitate and expand the Puerto Chiapas port on the Pacific coast of the southern state of Chiapas. Acxesa plans to make further investments to begin operating maritime freight lines from the port to China via Guayaquil, Ecuador. (El Sol de México, January 25, 2020)
  • Logistics: U.S. logistics operator FedEx Express inaugurated an expansion to its fiscal warehousing complex at the international airport in the central city of Toluca, the company reported. The US$24.6 million expansion will allow the company to reduce processing time for both imports and exports at the site. (El Financiero, January 24, 2020)
  • Food processing: Swiss processed foods giant Nestlé reported plans to invest approximately US$700 million to modernize the 17 plants the company operates in Mexico. Projects include US$200 million for an environmentally cutting-edge coffee processing facility in Veracruz as well as latest technologies for boosting productivity, improving operational efficiency, expanding production cpacity and guaranteeing responsible natural resource management. (El Financiero, January 23, 2020) Continue reading Recent and upcoming investment in Mexico

Recent and upcoming investment in Mexico

Information collected from media reports over the last month:

  • Recycling: Mexican beverage bottler and retail group Fomento Económico Mexicano (FEMSA) inaugurated a US$1 million recycling plant in the central state of Querétaro, local media reported. The facility will be used to break down obsolete refrigeration equipment to re-use components as well as dispose of materials in an environmentally responsible manner. (El Mexicano, November 28, 2019)
  • Ports: British-owned port developer Caxxor reported plans to invest approximately US$230 million in expansions at the Port of Veracruz on the Gulf of Mexico. The initiative is part of a larger US$944 million program that includes dock and warehousing upgrades to Puerto Chiapas and a gas storage terminal at the port of Soto la Marina, according to local media. (Transporte.mx, November 19, 2019)
  • Manufacturing: U.S. generator manufacturer Generac Power Systems will establish a new production facility in the central state of Hidalgo, the company reported. The US$31 million plant is planned to produce diesel and gasoline powered mobile electricity generators. (El Financiero, November 25, 2019)
  • Renewable energy: Mexican energy infrastructure developer Natco energy announced it will build three wind farms and one solar generation park over the next two years. Investment of approximately US$634 million will support construction of 508 MW of new generation capacity at sites in the states of Nuevo León and Guanajuato. (Reforma, November 20, 2019)
  • Medical devices: German medical device manufacturer B Braun established a new distribution center in the central State of Mexico, the company reported. The US$5.6 million site is planned to improve shipping of osteosynthesis instruments produced at the company’s plant in the city of Toluca. (Reforma, November 21, 2019) Continue reading Recent and upcoming investment in Mexico