“We assume that if the investment that comes only this year is 1,000 million dollars, which already entails the creation of jobs, services, we believe that it can contribute up to half a percentage point (of the national GDP),” Montserrat Aldave, chief economist at Expansión, told Finamex Brokerage House.
The Ministry of Finance estimates that this year’s GDP will be above 3%.
At the national level, it represents almost a third of the foreign direct investment that arrived in 2022, while for Nuevo León it means up to 2.5 times what it captured from FDI, added Gabriela Siller, director of financial economic analysis at Banco Base.
Last year Mexico captured 35.2 billion dollars of FDI, according to the Ministry of Economy. The goal for this year could be around 40,000 million, commented Aribel Contreras, coordinator of the International Business degree at the Universidad Iberoamericana (Ibero).
In 2021, the Neo Leonese GDP registered a growth of 8.3%, according to figures from the Inegi. The state government reported timely data on economic growth for the third quarter of last year of 2.6% and a GDP per capita of $14,900.
“Mexico needs direct foreign investment to recover economically from the effects of the pandemic and the crisis,” said Contreras.
Tesla’s arrival in Santa Catarina is no coincidence, highlighted Montserrat Aldave. Companies such as Brembo, Noah Itech, Tesla suppliers, are located in said municipality.
It means that if optimal conditions are maintained, they will stay in the country for a long time and that they are investments of at least three years, said Aldave, from Finamex.
It also represents job creation and a greater demand for services.
Mexico already has a well-defined automotive production chain established and Tesla requires greater specialization in labor and components, for example, batteries and brakes, among others.
In addition, Elon Musk’s company will require engineers, much more qualified labor, microchips and batteries; as well as construction, financial and shelter services, helping another business get started and running.