Home Business-newBusiness Carlos Slim highlights nearshoring potential for Mexico

Carlos Slim highlights nearshoring potential for Mexico

by Yucatan Times
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The Spanish Chamber of Commerce (Camescom) in Mexico awarded the Vasco de Quiroga Award to Mexican magnate Carlos Slim, who highlighted the business opportunities with the relocation of supply chains in Mexico, better known as nearshoring, in a context of strengthening bilateral trade relations.

Slim commented on the possibilities offered by the trade conflict between the United States and China, stressing that a greater number of companies can still be established in Mexico, as part of the nearshoring.

“I would like to insist, take advantage. There is a very important offer in Mexico between that conflict”, mentioned the richest Mexican in the country when receiving the Vasco de Quiroga distinction, at the Casino Español, located in the historic center of Mexico City.

“I am very optimistic. I think it’s very important,” he added.

The tycoon was awarded “for his career and contribution to strengthening relations between the two countries (Mexico-Spain),” said the president of the Spanish Chamber of Commerce, José Luis Bonet.

“He is one of the world-renowned personalities in the field of business. We admire him for his vision, his commitment and his enormous contribution, not only economic and business, but also social and philanthropic”, added Bonet.

The Spanish business leader also endorsed the commitment of Spanish companies to continue strengthening investment and developing trade relations between Mexico and Spain.

The delivery of the second Vasco de Quiroga Prize takes place in the midst of a context that has opened up opportunities for Mexican businessmen in Spain, while in Mexico Spanish businessmen are consolidated as the second largest investors in the country.

As of the first quarter of 2023, Spain registered investments in Mexico for 3,780 million dollars, while it totals more than 53,484 million dollars, according to figures from the Mexican Ministry of Economy.

On the other side of the Mexican Pacific, Mexican businessmen are also increasing their presence, mainly due to the appreciation of the Mexican peso and the government benefits to obtain the so-called “golden visas”, with at least 500,000 dollars of investment.

According to information from Camescom’s Internationalization Area, Mexican investments have been focused over the last three years in sectors such as construction, real estate, hotels, and finance, most of them concentrated in the Madrid region.

Currently, there are more than 500 Mexican companies in Spain, which generate more than 30,000 jobs, according to information from the Mexican Embassy.

In recent years, 16 merger or acquisition operations have been registered for close to 1,000 million euros of national firms in the Spanish market, with 2021 being the most active year for Mexican investments.

TYT Newsroom

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