The commercial mission led by Governor Mauricio Vila Dosal to attract more investments to the State from the Asian giant is bearing fruit. As a result of this effort, a letter of intent has been signed with Xinyatong Metal Manufacture and Buchanan Group for the establishment of a manufacturing plant in Ticul, which could create up to 200 new job opportunities in Yucatán with higher pay for its residents.
Xinyatong Metal Manufacture, a subsidiary of Yantai Yatong Precision Mechanical Group, specializes in the manufacturing and distribution of auto parts. In collaboration with Buchanan Group, which focuses on funeral services, they plan to set up their new plant on a 100-hectare site with an estimated initial investment of $100 million. Both companies will manufacture car parts with 80 percent of the investment allocated to that purpose, while the remaining 20 percent will go towards manufacturing coffins.
During his business trip to China, Vila Dosal met with Zhaoming Jiao, the owner of Yantai Yatong Precision Mechanical Group, and Carlos Figueroa, the Director of Finance for Buchanan Group. He signed the mentioned document for the establishment of the plant, which could become a catalyst for the development of a supply chain in the State, providing opportunities, skills, and benefits for the local workforce.
Xinyatong Metal Manufacture produces engine compartment assemblies, threshold version assemblies, transmission frames, and structural parts for die casting. Their production is mainly destined for automotive companies in the United States, and they have recently signed a contract with Tesla for the assembly of vehicle bodies.
On the other hand, Buchanan Group, ranked first in its field in the central zone of the United States, operates in the funeral services sector for humans and pets, cemetery management, coffin manufacturing, stone tombstones, among others. The company has distribution centers in over 10 states in the United States, enabling an ideal logistics setup with Yucatán for establishing their coffin production and manufacturing business.
This achievement came after the Governor presented to Chinese entrepreneurs the competitive advantages, legal certainty, supply chain, human talent, and security climate offered by Yucatán, all of which are crucial for the success of both plans. This will attract other companies interested in investing in the region, leading to a significant increase in well-paying job opportunities for Yucatecan families.
Governor Vila Dosal asserted that Yucatán has everything it needs to be a part of the Chinese market, especially in sectors such as export manufacturing industry, digital commerce, Industry 4.0, and 5.0. Efforts are being made to strengthen the infrastructure to ensure that the conditions for Asian companies to make their moves are guaranteed.