A group of Chinese businessmen is considering investing in Mexico City through nearshoring, reported the Secretary of Economic Development, Fadlala Akabani Hneide. 

Asian companies will set up their headquarters in the city, while all manufacturing will be concentrated in the state of Hidalgo, although the amount of investment has not yet been revealed.

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The investment project is the result of the coordination work announced by the federal Ministry of Economy to take advantage of nearshoring, which includes the installation of a single window and a period of two years for each state to develop a state plan that ensures the use of the relocation of companies. The company has already located a 600-hectare property for its project.

The secretary reported that the main sector to which these companies belong is related to the automotive industry and that their investment also implies the consolidation of Mexico City as the most important corporate hub in the country for nearshoring.

It is in Mexico City where financial transactions are carried out, contracts are signed and business meetings are held. For example, Tesla, although it will locate its operations in Monterrey, will maintain a corporate office in Mexico City.

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The arrival of Asian companies to the city, in addition to being translated into an increase in Foreign Direct Investment, from which it stands out that in the first half of 2023 the highest historical uptake was achieved with 10,224.5 million dollars.

Regarding this, at the beginning of this year, Mexico City announced the plan to take advantage of nearshoring. The project is contemplated by two strategies: generate tax incentives in Vallejo and support the establishment of corporations.

Akabani Hneide explained that in order for the Vallejo area to become more attractive for companies that belong to the nearshoring drive, an amount of investment is being prepared to improve the avenues.

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