Scotiabank is in 50 countries around the globe, making them one of the biggest retail, commercial, corporate, investment and international banking services in the world. Brian Porter, Group Head of International Banking, considers Mexico's economic profile very exciting and is so impressed,… Scotiabank employs 11,000 workers in the country to staff the demand. Porter explains that Scotiabank "feels very fortunate to be part of the building on the economic fabric of Mexico and the bright economic future."
Audi has recently announced plans to build an auto plant in Mexico in order to boost its sales to two million units/year by 2020. The plant, which is expected to start producing Audi SUV models in 2016, will be the third plant in Mexico built by parent company Volkswagen. The Chairman of the Board… of Management of AUDI AG, Rupert Stadler, explained the decision for Audi to invest nearly $2 billion in Mexico instead of the U.S., “As an established car-making location, Mexico offers an excellent economic basis for Audi production operations.”
In recent times, there has been more and more evidence that Mexico is developing into an influential contender in the globally rising aerospace manufacturing… industry. Rolls-Royce, a power systems company providing services on land, sea, and air, has decided to open a new supply chain office in Guaymas, Sonora, Mexico The office will be located in the northwestern part of Mexico at the Roca Fuerte Industrial Park (Parque Industrial Roca Fuerte). This area is in an emergent area for aerospace industries. Aerospace manufacturing has progressed significantly in the last decade and its development has become an important priority for the economic situation of Mexico. Auto companies from all over the world, for example, are migrating from all over to set up shop in Mexico.
Praxair Mexico, a subsidiary of the Fortune 300 Company and prevalent supplier of atmospheric and specialty gases, Praxair, recently signed a new agreement with principal Mexican steal company, Deacero. Praxair’s technological services, equipment, and gases help in the operation of many diverse… industries. Their services aid in the preservation of foods, in the production of computer parts, and in the recycling of contaminated water from waste.
As the cost of manufacturing in China continues to rise, companies in the U.S. and abroad are having to rethink their global strategies. As The Wall Street Journal article that ran earlier this year - titled “China’s Export Pain May be Mexico’s Gain” -would indicate,… companies that once flocked to China because of its massive pool of cheap labor and attractive government incentives are now finding themselves at risk of losing the advantages that brought them to China in the first place. As a result, manufacturing companies are moving towards near-sourcing to Mexico.
Italian confectionery group Ferrero, the maker of chocolate delights such as Kinder Bueno, Nutella and Ferrero Rocher sold around the world, plans to invest $190 million to open a new production plant in San Josè Iturbide in the Mexican state of Guanajuato.
There are plans by the Silicon Border industrial park, a high tech manufacturing area, and Jones Lang LaSalle, a commercial real estate services company, to open up a manufacturing hub close to the Mexican border in Baja California for solar panels and wind panel equipment. This dedication to creating a hub for… renewable energy parts is an important step for both the United States and Mexico in terms of moving towards a sustainable green economy. This shift will occur with a stronger reliance on renewable resources and natural resources in Mexico and the United States.
The IMF has recently released its latest Financial Sector Assessment, a program that looks to review the financial health of 25 major financial sectors, as part of the IMF’s economic surveillance and monitoring. “Our assessment of Mexico’s financial system is very positive,”… said Fernando Montes-Negret, a senior financial expert in the IMF’s Monetary and Capital Markets Department. The assessment, published on March 30, proves that Mexico has been implementing better tools for systemic crisis management and competent supervision, while going on to say that Mexico’s banking system is resilient and well capitalized. Stress tests also indicate that Mexico’s economic system would be capable of sustaining significant shocks. Due to Mexico’s important place in the global economy, it was important to monitor the country’s financial system and provide an assessment of its health. The IMF, along with a positive forecast, recommends a range of actions to further improve financial stability within Mexico such as:
Many Japanese automakers have started to consider building cars for export markets outside their home country, due to the strength of the Yen that can increase profits. Honda is a prime example, due to its recent decision to build the Honda Fit hatchback at its new plant in Mexico at the beginning of spring 2014. This new plant… in Guanajuato, Mexico is Honda’s third assembly plant in Mexico and is being built for the production of “fuel-efficient subcompact vehicles” for the Mexican and North American markets. The plant will raise Honda's North American production capacity to 1.83 million vehicles annually.
As the third and final day of the World Economic Forum on Latin America comes to an end, we’ve compiled the following articles that highlight Mexico’s contributions to the forum and to the global economy:
Sally Blount of the Kellogg School of Management, Northwestern University will co-chair the World Economic Forum on Latin America April 16-18, 2012 in Puerto Vallarta, Mexico. Blount recognizes that convening to talk about Latin America, which has a population close to 6 hundred million people, is critically important for the future of… the world and the region.
His Royal Highness Crown Prince Haakon of Norway will be one of the co-chairs at the World Economic Forum on Latin America April 16-18, 2012 in Puerto Vallarta, Mexico. Prince Haakon points out that Latin America’s recent economic progress is impressive and that hosting this forum as well as the G20 and the Rio+20 in the upcoming… months goes to show the importance of the region.
One of the world’s leading aerospace manufacturing companies, Southwest United (SU) has begun to recognize the benefits of doing business in… Mexico. CEO of Southwest United, Bill Emery claimed, “The infrastructure in Querétaro is every bit as good as in Oklahoma.” Southwest United has been in a business partnership with the Mexican aerospace manufacturing company Galnik since 2009 and ever since has seen considerable developments in their business infrastructure as a result of this alliance. Mexico’s aerospace manufacturing industry is growing at a fast rate because of its strong ties with the United States and Canada and its desirable geographical location for expansion.
Jeffrey Joerres, President and CEO of the ManpowerGroup, a world leader in workforce solutions, will be one of the co-chairs at the World Economic Forum on Latin America in Puerto Vallarta, Mexico April 16-18, 2012. As a leader in his field, Joerres keeps his eye on the world scene, and has observed that Latin… America is taking on a much stronger role in commerce. Specifically thanks to strong economies and powerful demographics. These shifts are causing American companies to look south instead of east, which had previously been the case.
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New York City officials recently unveiled the “Taxi of Tomorrow,” the Nissan NV 200 model that will be the new NYC taxi at the New York International Auto Show. …