President Enrique Peña Nieto has predicted 'reactivation and regeneration' for Campeche and Tabasco. (PHOTO: gob.mx)
Mexico is getting ready to launch a new program to lift its poorest out of poverty. President Enrique Pena Nieto signed a law last year to set up special economic zones in the country’s southern and central regions.
CGTN’s Martin Markovits reports that starting this summer, the Mexican government will offer tax, credit and labor incentives to entice foreign and domestic companies to do business in this area.
It will offer tax incentives and other measures to attract investors.
The Mexican oil producing states of Campeche and Tabasco are reeling from the economic repercussions of the global crash in oil prices. Thousands of jobs have been lost, turning cities that were once bustling with activity into abandoned towns.
But a recent move to designate these areas as special economic zones may bring economic change.
Similar economic zones implemented more than 30 years ago in China transformed that country’s economy, and Mexico hopes it will work here.
In Campeche and Tabasco, government officials believe cheap labor costs and the already established oil sector will give the region an advantage.
“The core of this policy is recognizing our comparative advantage: location. For example, we are next to the main market globally, which is the United States. The other is given that we are the energy hub of the country,” Daniel Rodrigues, Tabasco Secretary of Economic Development and Tourism said.
The Mexican government hopes these economic zones will lower inequality and bring much needed economic development to the poorest regions of the country. But there are still challenges.
Source: america.cgtn.com
Comments
more recommended stories
There will be no “Smoke on the Water” over the “White City”The British music group Deep Purple,.
Mexican drug lord Héctor Beltran Leyva arrested in 2014, dies of heart attackMEXICO CITY (AP) — Mexican drug.
90% hotel occupancy is expected for Mérida during Christmas seasonMÉRIDA, Yucatán.- “Cultural and artistic programs.
New flight Mérida – Bajío (Guanajuato) started operations on Nov. 16“With the opening of the new.
Migrant caravan: Mexican border city Tijuana protests against “invasion”The images of hundreds of residents.
Mexico authorizes 26 new Brazil meat plants to export chickenSAO PAULO, Nov 19 (Reuters) –.
U.S. Congress ready to make “Marijuana Moves”Despite majority public support in favor of marijuana.
Mexico adopts Nepal’s celebration honoring dogsNepal’s tradition of honoring dogs at.
AMLO conforms advisory business councilAs published by Mexico News Daily, President-elect.
Trump calls Migrant Caravan a ‘Big Con’After a brief respite from attacking.
Leave a Comment