Jalisco could announce US$1.6 billion in foreign investments

JALISCO - Between September, October and November, Jalisco's Secretariat of Economic Development (Sedeco) could announce the attraction of US$1.6 billion in new foreign investments in the state, announced the head of said agency, Roberto Arechederra.

"We believe that Foreign Direct Investment (FDI) is going to exceed what we have had in previous six-year periods, derived from the wave that is bringing the relocation phenomenon and that we are sure will attract important companies to our state," the official commented.

He added that, at the moment, the agency has 150 prospective companies that have approached state authorities to express their interest in setting up operations in the state.

"They are companies of different nationalities, from Chinese, American, UK, Spanish, Japanese; some of them have already confirmed investment as has been the case of Haitian Group that is dedicated to machinery for the automotive sector and Aptive that also makes harnesses for the automotive sector," he explained.

According to the head of Sedeco, the attraction of foreign capital is the result of all the efforts that have been made through the Jalisco Tech Hub Act and all the incentive initiatives, the configuration of talent, the work that has been done with academia.

He also highlighted the State Crusade for the Development of Industrial Parks and anticipated that he will soon announce the first company that chose to set up in Jalisco as a result of this strategy implemented to accelerate the construction process of industrial real estate complexes.

Roberto Arechederra explained that the process for a company to decide to set up in an entity can take between six months and two years, but so far in 2023, 15 new foreign firms have established themselves in Jalisco.

These companies are mainly in the high-technology, automotive, manufacturing, and agribusiness sectors.