Driven by auto industry, Aguascalientes attracts FDI worth US$900 million in 2018
The state of Aguascalientes received nearly US$900 million of foreign direct investment (FDI) in 2018, of which 49% was earmarked for new projects and 42% for reinvestments, according to data released by the State Secretariat for Economic Development (Sedec).
As for the origin of the capital invested in the state, it came from 27 countries, but there were three that accounted for 87% of the total: Japan, which contributed with 49%; United States with 21%; and Germany with 17%.
Of total FDI, 49% went to the automotive sector, driven in great part by the start of Mercedes-Benz production work at the Cooperation Manufacturing Plant Aguascalientes (COMPAS).
The remaining 51% was distributed between financial services and insurance, construction, commerce, transport and energy.
The head of Sedec, Ricardo Martínez Castañeda, highlighted in his report the investments made in information technologies (IT). The official said that although the amount of investment in this area was relatively small compared to those on other sectors, the state government seeks to encourage the arrival of IT companies due to its capacity to attract talent and generate high-value-added employment.
The two investments that stood out in this category were Austin-based iTexico for US$6 million and Indian TechMahindra for US$5 million.
Martinez Castañeda also noted that German investments accelerated in 2018, to the point that their share in the state FDI went from 4 to 7%, placing Aguascalientes at rank sixth nationally in capturing capital of that origin.
Among the German investments that “landed” in 2018 stand out those of Voestalpine (with Austrian co-participation), Allgaier and Bosch, as well as that of Continental, which together amount to approximately US$150 million.