The newly appointed Mexican Secretary of the Economy, Raquel Buenrostro, revealed on Tuesday that more than 400 North American companies that now operate in Asia intend to relocate to Mexico and announced that the Government will take advantage of all the trade agreements they have signed.
Appearing in the Senate, Buenrostro said that the two demands of the Mexican Government are equitable and fair growth, “that includes the well-being of the most vulnerable groups and the least favored sectors,” as well as “respect for sovereignty, the right of each nation to make decisions independently.
The secretary, who arrives in the midst of various consultations from the partners of the Free Trade Agreement between Mexico, the United States and Canada (T-MEC), especially regarding Mexican energy policies, stressed that the guiding principle of this international dialogue is respect for the sovereignty of the Latin American country.
“Mexico is not at all interested in confrontation; is the dialogue negotiation and the law that will settle any commercial dispute that exists between both nations and in this last point, the relationship we have with Canada is also included in the same terms”, he said.
It abounded that this “It will mark the path of agreements on energy and food security and the interest in attracting investments that promote the greatest number of formal jobs. and specialized that allow the consolidation of a strong industrial and commercial policy in the face of the challenges of the 21st century”.
The Secretary of Economy also pointed out that the global changes due to the covid-19 pandemic and the war between Ukraine and Russia have promoted the regionalization of supply chains and a greater emphasis on key economic sectors for Mexico.
The official asserted that Mexico is a country open to the global economy, where foreign investors are treated the same as nationals, “without any kind of discrimination or favoritism on either side.”
Proof of this, Buenrostro advanced, is the intention of more than 400 North American companies to carry out a relocation process from Asia to Mexico.
“This is a sign of the importance of the T-MEC, a trade agreement where ties with the United States and Canada have been strengthened. and where an institutional framework was established that grants legal certainty to investors, businessmen and consumers in the region”, he explained.
He cited that the foreign direct investment received in the first half of 2022 was historic with more than 27,511 million dollars, almost 50% more than in the same period of 2021, when 18,433 million dollars were received.
In addition, he highlighted attractions such as a growth of the Mexican gross domestic product (GDP) of 4.3% year-on-year in the third quarter of the year, a recovery of 63% of the purchasing power in real terms of the minimum wage and a benchmark Mexican peso among global currencies, being the third most appreciated against the dollar.
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