Home Business-newBusiness CCE predicts that nearshoring would give Mexico an annual growth of 4%

CCE predicts that nearshoring would give Mexico an annual growth of 4%

by Yucatan Times
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Nearshoring ultimately represents a new economic era in the world and Mexico, said the Business Coordinating Council.

The arrival of companies attracted by nearshoring could generate economic growth rates of 4 percent in the coming decades in Mexico, estimated Francisco Cervantes Díaz, president of the Business Coordinating Council.

“For the rest of the decade, nearshoring would be expected to achieve 4 percent annual growth in gross domestic product (GDP), instead of the average of 2.5 percent that we have not been able to surpass in decades,” he declared during the Nearshoring Mexico Summit Productivity with a Future Vision of the Autonomous Confederation of Workers and Employees of Mexico (CATEM).

Additionally, nearshoring opens up the potential to double annual exports and foreign investment, said the businessman.

“This hopeful outlook is generating an agenda of very relevant challenges that must be worked on as the structural axes of national policies, to effectively consolidate the benefits of nearshoring,” said the representative of the top organization.

The business leader added that to take full advantage of nearshoring, it is necessary to guarantee full security, develop infrastructure with a sense of connectivity with our border and our exits to the Pacific Ocean and the Gulf of Mexico, as well as have access to sustainable water and sufficient clean energy.

Also, he expressed, that it is necessary to work on continuous regulatory simplification to facilitate investment and trade under conditions of fair competition and with the certainty of compliance with the rule of law, as well as reinforce training and technology, including SMEs, and promote investment in all the regions of the country.

He mentioned that nearshoring ultimately represents a new economic era in the world.

”After the financial crises of past decades, as well as the dramatic episode of the pandemic, the world has moved from the era of globalization to the new era of relocation or nearshoring,” he continued.

The president of the CCE recalled that nearshoring is characterized by the search that large companies and suppliers around the world carry out to produce and sell near the world’s large consumption centers.

“For this reason, Mexico has a hand, being on the border with the most important economic power on the planet,” he said.

Due to the expectations generated by nearshoring on Mexico, our country is already feeling its first very positive effects, he explained.

“We have become the first global trading partner of the United States, with an impressive figure of trade exchange between the two countries, which tentatively amounted to 798 billion dollars in 2023,” Francisco Cervantes Díaz, president of the Business Coordinating Council (CCI) concluded.

TYT Newsroom

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