Mexico doesn’t understand the nearshoring opportunity: Alicia Bárcena

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Mexico. – At the inauguration of the Twenty-Ninth Mexican Foreign Trade Congress held by the Mexican Business Council for Foreign Trade (COMCE), the Secretary of Foreign Affairs said that companies want to relocate to Mexico, but also to Canada, the United States and Asian countries that compete to attract capital such as Vietnam.
He assures that it is necessary to change the narrative about the advantages of investing in this region to nearshoring, since the advantages of attracting investments are wasted, said Foreign Minister Alicia Bárcena.
“There’s going to be a lot of competition, it’s going to come because the United States also wants to attract investment… And it’s not going to be easy if we don’t know how to take advantage of it.”
In addition, he stresses that “it is going to be a short opportunity, it is not going to be easy if we do not know how to take advantage of it… If we don’t get our act together quickly, Vietnam could become one of the most competitive countries.”
The president of the Comce, Valentín Diez Morodo, said that “nearshoring is once again providing us with an opportunity that we must take advantage of, becoming aware of the enormous advantages we have and the problems we face.”
What is nearshoring?
Nearshoring is about moving factories from the country of origin to a nearby one where everything is cheaper: workers’ wages, electricity and fuel, inputs and taxes.
It is for these reasons that Mexico is the ideal destination for nearshoring, a model that promises to change the course of the economy by generating jobs, foreign investment, infrastructure and development.

Original source in Spanish