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Companies flee due to insecurity caused by drug trafficking: ICC

by Yucatan Times
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Insecurity is scaring away investments from companies in the manufacturing and technology sector, said the president of the International Chamber of Commerce Mexico ( ICC ), Claus Von Wobeser, at a press conference.

“We know of companies that have decided not to invest in Mexico due to insecurity issues such as drug trafficking and extortion, which affect Mexican investment. It is not quantified how many companies there are, but it is clear that there is an impact,” said Von Wobeser.

The leader of the business organization said that the Mexico Peace Index 2022 showed that violence cost the country 4.6 billion pesos, equivalent to 18.3 percent of the Gross Domestic Product (GDP).

According to data from the Ministry of Economy, until the end of September 2023, Mexico had captured 32,926 million dollars of Foreign Direct Investment (FDI). By 2024, ICC Mexico predicted that the country could attract around 40 billion dollars of investment in sectors such as automotive, manufacturing, and technology.

Photo: Romina Solís /El Sol de México

The leader of the ICC Mexico, an organization that represents 45 million companies, chambers, and business associations in more than 130 countries, added that the main challenges for economic activity to maintain a positive pace this year will be security and the energy deficit. On this last point, Claus von Wobeser asked the next government to consider opening private investment in the sector as a priority.

“This year presents us with a great opportunity, but the rest is guaranteeing a rule of law that is favorable for investments and strengthening security through a strategy that involves the coordination of the three levels of government”, Von Wobeser concluded.

TYT Newsroom

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