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MEXICO: President Sheinbaum Announces Plan Mexico To Promote Nearshoring

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • President Sheinbaum has presented the government’s Plan Mexico today, which aims to reduce imports from China and promote nearshoring in Mexico, while ensuring the continuation of the USMCA agreement, which she said is the best way for North America to compete with China. Sheinbaum wants to boost the purchase of locally made goods and raise Mexico’s public-private investment to GDP ratio to 25% of GDP. She said that the government will announce incentives for companies to move to Mexico on January 17.
  • Sheinbaum also said that the government aims to develop 10 EV public transport projects by 2030, while increasing the national content of vehicles by 15% as well. Meanwhile, the government aims to increase energy generation capacity by 16% by 2030 and double natural gas storage capacity. It will release plans to simplify the process for energy permits, to help Pemex increase production and build partnerships with the private sector.
  • USDMXN has gradually pared gains in recent trade, with the pair now unchanged on the day around 20.71. Focus ahead turns to October gross fixed investment and private consumption data, due Wednesday.
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  • President Sheinbaum has presented the government’s Plan Mexico today, which aims to reduce imports from China and promote nearshoring in Mexico, while ensuring the continuation of the USMCA agreement, which she said is the best way for North America to compete with China. Sheinbaum wants to boost the purchase of locally made goods and raise Mexico’s public-private investment to GDP ratio to 25% of GDP. She said that the government will announce incentives for companies to move to Mexico on January 17.
  • Sheinbaum also said that the government aims to develop 10 EV public transport projects by 2030, while increasing the national content of vehicles by 15% as well. Meanwhile, the government aims to increase energy generation capacity by 16% by 2030 and double natural gas storage capacity. It will release plans to simplify the process for energy permits, to help Pemex increase production and build partnerships with the private sector.
  • USDMXN has gradually pared gains in recent trade, with the pair now unchanged on the day around 20.71. Focus ahead turns to October gross fixed investment and private consumption data, due Wednesday.