Querétaro, October 27, 2014
The CEO of ProMéxico, Francisco N. González Díaz took part in the panel "Making Mexico the Destination of Choice for Investors" during the 12th Mexico Business Summit in the state of Querétaro, where he explained that Mexico is already one of the top destinations for foreign direct investment (FDI).
He explained that the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2014 ranks Mexico among the top ten countries with the highest earned foreign direct investment in 2013, with a historic 38 billion dollars, adding that "estimates for this year might be higher because the energy reform could lead to a considerable increase in our FDI flows".
A report published by Citibank, the international financial institution, shows that Mexico will attract 40 billion dollars over the next five years due to the energy reform. This, said the head of the institution in charge of promoting Mexico as an attractive investment destination, was calculated through an econometric exercise based on the experiences of Brazil and Colombia.
González Díaz emphasized that Mexico has five competitive advantages that have boosted the development of the Mexican economy. "Mexico is four percentage points over Japan and Germany; in other words, it is one of the main countries that has increased its competitiveness in the last decade".
He said that the country has established an export platform with advanced manufactures. Another one of Mexico's competitive advantagesâ€”and one of the most valuableâ€”is its human capital. According to the Institute for Management Development (IMD) Mexico is the fourth country in the world with the highest growth percentage in labor force.
"Our human capital has enabled us to become the third largest exporter among G20 countries in terms of medium and high-technology manufacturing as percentage of the gross domestic product", he emphasized.
Mexico's domestic market becomes stronger every day in terms of both production and the service sector. González Díaz said that the tertiary sector in our country accounts for close to 60% of our GDP and he added that ProMéxico will continue to support investments in the manufacturing sector, while implementing a strategy to attract more investments to the services sector, as recommended by the OECD in a study that analyzes investment opportunity sectors for Mexico.
About ProMéxico — ProMéxico is the Mexican government institution that supports Mexico's trade abroad and the internationalization of Mexican companies, and attracts foreign investment. Mexican business owners have access to a ProMéxico office in their place of origin, both in Mexico and abroad, bringing them closer to their potential buyers. Furthermore, foreign investors can reach every corner of the world through offices strategically located in areas that are key for world trade. For more information go to: www.promexico.gob.mx