By Viviana Cervantes
The Business Confidence Indicator (ICE) of the manufacturing industry in Mexico grew 1.8% in just one month, from January to February of this year, reported the National Institute of Statistics and Geography (INEGI), a positive figure that consolidates the outlook for investment that different trade unions and companies see for the subsequent months in this country.
Through data from the Monthly Business Opinion Survey (EMOE), it is assessed that the unions’ confidence rose to 52% during February 2023, the second consecutive month on the rise. The growth curve of the manufacturing industry at the end of the first two months of this year shows that 42% consider that it is the «right time to invest,” which is 2% higher than in January, coupled with the fact that 50.6 % responded in favor regarding the «present economic situation of the country.» Source: Mexico Industry
Aerospace Industry
On March 10, the General Assembly of the Mexican Federation of the Aerospace Industry, A.C. (FEMIA) was held in San Miguel de Allende, where Governor Diego Sinhue Rodríguez Vallejo promised that Guanajuato will be the leader in aerospace matters in the country. The governor recognized the work carried out by the Mexican Federation of the Aerospace Industry, since it contributes to strengthening the country’s economy. This association represents more than 100 companies.
René Espinosa, president of FEMIA, commented that the meeting was very important for bringing the sector together and providing many challenges and opportunities. He also said that a market recovery has been seen, closing 2022 with an 18% recovery, with US$8 billion eight in exports. He ended by saying that they must continue working and generating strategies as a country, continuing to see North America as an economic bloc that is empowering Mexico. Source: Sol de León
The Impact of Tesla in Mexico
A calculation by Banco Santander estimates that half of the investment that the American car company will make in Mexico, which is estimated to range between US$5-7 billion dollars, will affect Mexican companies. «If we calculate that there are US$5 billion, being extremely conservative, half will be national content, US$2.5 billion dollars,» predicted the director of analysis and stock market strategy of Banco Santander, Alan Alanis.
According to him, large companies in the country would obtain benefits equivalent to about 80% of the investment made by Elon Musk’s company in the northern city of Monterrey, while around 20% would affect SMEs. During a conference on the phenomenon known as relocation or “nearshoring,» bank analysts positively assessed the arrival of Tesla due to its impact on the Mexican economy. The investment made by Musk ranges between 4% and 8% of the Mexican Gross Domestic Product (GDP), according to Alanis. Source: France 24
