Spain breaks investment record in Mexico

Spain breaks investment record in Mexico

MEXICO - Foreign direct investment (FDI) from Spain to Mexico exceeded US$4.3 billion in the first half of 2023, the highest figure since investment data has been available and with which the European country broke a record in the Latin American nation.

"Historically, Spain has consolidated its commitment to Mexico, positioning itself as one of the main foreign countries with the greatest investment in the country," the Spanish Chamber of Commerce in Mexico (Camescom) said in a statement.

These figures, said Camescom, strengthen the confidence of Spanish investment in Mexico, with a commitment to encourage solid investment based on long-term economic growth, with projects that promote innovation, sustainability and the well-being of society as a whole.

Two days ago, the Ministry of Economy of the Mexican Government reported that FDI received by Mexico in the first half of 2023 amounted to US$29 billion.

The Spanish Chamber of Commerce added that in the first six months of 2023, the United States reaffirmed itself as Mexico's main trading partner, leading the capital injected into the country, followed by Spain, Germany, Argentina and Japan.

The agency reported that 79% of the FDI received in this period was located in 10 Mexican states, with Mexico City as the largest recipient, with 35% of total investments, equivalent to US$10.2 billion.

It is followed by Nuevo León, with 10%, and Baja California, State of Mexico and Jalisco, each with 5%; these five states together account for 60% of total FDI received.

By sectors, it was noted that 57% of foreign investment received in the first six months of the year corresponded to Mexican manufacturing, with close to US$16.5 billion, followed by financial services, with 27%; temporary housing, with 5%, and mining, with 3%.