Mexico is no longer a cheap labor country: SE

MEXICO - The head of the Ministry of Economy (SE), Raquel Buenrostro Sánchez, assured that Mexico is no longer a country of cheap labor, thanks to nearshoring, which has attracted investments in high technology specialties.

"Mexico has become the most attractive country in the world for investment, just as the vision of Mexico as a country of cheap labor for maquilas is now a thing of the past," she said.

Buenrostro Sánchez added that the investments coming to the country are of a different level, since they are aimed at technologies and require more and more specialized personnel to fill the jobs.

"Mexico has the quality and the opportunity to do so, so we are working hand in hand with entrepreneurs, who participate in many committees," she said.

The agency informed that between January 1st and March 15th, the government detected 73 public investment announcements for a total of US$31.5 billion with an estimated generation of 39,000 new jobs.

"It is expected that this amount will enter the country in the next two or three years," it said in a statement.

The flow of investment continues to be strong despite the fact that it was thought that 2024 would be a weak year due to the elections in Mexico and the United States.

"We expect the pace that was maintained in 2023 to be maintained in 2024 with the arrival of investments," The agency said.

Mexico today is an economy that has diversified greatly, which has allowed for a different dynamic of communication between the government and the private sector.