The president of Mexico, Claudia Sheinbaum, presented the National Development Plan that seeks to place the Mexican economy as one of the 10 largest in the world, for which they will launch a presidential decree to encourage investment to boost national production and replace imports, mainly from Asia.
Sheinbaum said that the Ministry of Economy (the regulator of foreign direct investment) has “accounted for $277 billion dollars of investments that want to come to Mexico”. There are around 2,000 investment projects already registered.
The so-called “Plan Mexico,” in its first draft, contemplates several actions to be carried out. On Friday of this week, a presidential decree will be published to support the relocation of companies (mainly from Asia) to Mexico. This will be done through the accelerated depreciation of new investment in fixed assets for global companies in any economic sector, valid until 2030.
Next week, work meetings will be intensified with importing companies so that they develop part of their international supply locally. Import substitution will be through local production or in the United States-Mexico-Canada Agreement (USMCA) region.
“It is the only way we can compete with Asian countries, particularly with China,” said Sheinbaum at a press conference, where she was accompanied by the Mexican business sector. “Our objective with the Mexico Plan is to reduce these imports. To have more production in Mexico, not only for our market, but also for the regional market.”
Sheinbaum's government began last October and will conclude in 2030. In that year, the president hopes that the Mexican economy will be in the Top 10 of the world's economies. Currently, World Bank data places Mexico in position #12.
Unlike her predecessor (Andrés Manuel López Obrador, 2018-2024), Sheinbaum seeks the support of private investment.