Michoacan seeks to consolidate investments in South Korea

SOUTH KOREA - As part of the strategy to take advantage of nearshoring, Michoacán authorities are defining a South Korean investment route for the industrial parks of Lázaro Cárdenas, Bajío and Eleva Park.

According to Governor Alfredo Ramirez Bedolla, as a first step towards the realization of this plan, a meeting was held with executives from the Samsung Electronics plant in Queretaro and the CEO of InvestMx.

At the meeting, he stressed, the private sector of this country was presented with the competitive, logistical and geographical advantages of the state, as well as the facilities available for international companies related to nearshoring, especially Asian companies.

"Different actions are being promoted for development and security, necessary to maintain the confidence of the sector, especially in the face of nearshoring or relocation of Asian business chains. We have recovered the rule of law with the liberation of the railroads, we work in alliance with the Private Initiative, we have labor capacity", he added.

The arrival of Asian investments, he added, increases the employment possibilities for an annual rate of 30,000 young Michoacan graduates from technology and industry-related careers.

For his part, the vice president of Samsung Electronics Queretaro Plant, Venancio Perez Gomez, said he will support the promotion of Michoacan as an investment destination for South Korea.

"Michoacán is at the right time for investment as it has infrastructure and communication for the mobility of land and maritime goods," he said.

Michoacán's nearshoring plan focuses on taking advantage of and reinforcing the current infrastructure, promoting human talent and highlighting the state's capacity in terms of water for industrial use, since it is the only state in the Bajío region with the greatest availability of this resource.