Canadian mining companies to invest US$12 billion in Mexico

MEXICO - Canadian mining companies have more than US$12 billion to invest in Mexico if there is a favorable and stable environment for the arrival of foreign capital, said Julie Poirier, Trade Policy Counselor at the Canadian Embassy in Mexico.

“They have US$12 million ready, which they could invest with a stable and investment-friendly environment,” said the Canadian government representative on the sidelines of the Annual Meeting of Industrialists (RAI), Industry as an Engine of Prosperity and Well-Being.

“This is a sustainable investment, an investment that respects environmental protection and the protection of labor issues,” added the diplomat.

According to the member of the Canadian Embassy in Mexico, Canadian companies in the mining sector currently contribute US$11 billion in critical projects in Mexico and represent 70 percent of foreign investment in the mining sector.

She added that the Mexican government must strengthen value chains and provide and improve clean energy for industry and households.

“Here Canadian investment stands out for having US$13 billion invested in the clean energy sector that supports Mexico's energy transition, so thinking as a region we must provide a stable investment environment for North American companies,” said the Trade Policy Counselor of the Canadian Embassy in Mexico.

“We know all the benefits of the USMCA over the last three decades,” she said.

At the CEO Dialogue, Marcelo Ebrard Casaubon, Secretary of Economy (SE), highlighted that North America moves 30 percent of the gross domestic product and since 1994, when NAFTA came into force, our trilateral trade has grown by six times, he added.

To give an example, Julie Poirier pointed out that Mexico and Canada have multiplied their commercial interests 12-fold in the last three decades.