Nearshoring will bring a decade of growth for Mexico

MEXICO – Nearshoring and foreign investment could bring a decade of economic growth to Mexico, according to Sociedad Financiera De Objeto Múltiple (Sofom) Serfimex Capital.

In this regard, Borja Rodríguez López-Palacios, business director of Serfimex, commented that this scheme will bring benefits for the manufacturing, automotive, aerospace, logistics, medical, and electronics industries within the country.

“The skilled labor force and average age of Mexico’s population make it the ideal destination for the movement of multinationals seeking to bring part of their production out of Asia,” said the businessman.

For this reason, the financier pointed out that injecting liquidity to companies in supplying and manufacturing in Mexico can reduce shipping costs, improve times in the supply chain, have a lower impact due to tariffs and respect for intellectual property.

“Therefore, it is important to install new plants and industrial parks in the north, central and Bajío regions and take advantage of this trend,” added Rodríguez.

According to data from the Sofom, the current integration of supplies with the United States (US) and Canada thanks to the T-MEC, added to labor costs, make Mexico a better investment destination than Asia.

In this context, the Mexican government said that more than 400 companies have shown interest in moving production from China to Mexico.

Source: Mexico Now