Join us for a presentation by BBVA Mexico about the Mexican Regional and Sectoral Outlook recently published by BBVA Mexico, and arranged by BBVA Singapore. Key sectors to be presented include:
- Logistic and Transport
- Medical devices
The presentation will be followed by a panel discussion about the role of Mexico as a hub for the Americas' market.
Trade tensions and business disruptions due to COVID-19 are propelling manufacturers to diversify their global footprint and Mexico is becoming attractive.
Mexico is the world's 15th largest economy and the 2nd largest in Latin America. Mexico has a diversified economy including manufacturing, oil production, mining, software, hi-tech industry, and agriculture.
Companies around the world consider Mexico as a prime manufacturing location and a hub to the Americas due to its geographical position, robust FTAs, in particular, the US- Mexico - Canada Agreement (USMCA), skilled workforce and low labor-cost.
The industry sector represents 30% of the GDP and employs 26% of the workforce (World Bank). In fact, Mexico ranks the 8th largest manufacturing economy. The main industries attracting global manufacturers are:
- Aerospace: especially in the state of Queretaro with the presence of nearly 190 companies.
- Automotive: one of the world's largest car producers, with the presence of 21 automotive OEMs (including Volkswagen/Audi, Mercedes-Benz, BMW, Ford, Toyota and Kia) and tier 1 and 2 suppliers.
- Home appliances: Mexico is the world's 5th largest exporter of house appliances.
- Electronics: production of electrical components for telecommunication, aerospace, automotive, high tech, and IT electronics.
- Medical devices: Mexico is home to some of the largest industry players. This industry is growing fast due to its proximity to major markets.
- Food Manufacturing.
The service sector accounts for 60% of the GDP and 61% of the workforce (World Bank). We see growth in the hi-tech, information, and software development.
While the world economy, including Mexico, is shrinking and there is a high degree of uncertainty, Mexico continues receiving foreign investment by manufacturers setting shop in the country. Additionally, the country has announced plans to boost the economy through infrastructure projects.
Join the event and the discussion for more information about Mexico's economy and opportunities.