Canadian Businesses Continue to Invest in Mexico
Embassy of Mexico in Canada
· With a figure surpassing US$9 billion, Canada ranked 4th in 2010 in terms of the country with the greatest accumulated investment in Mexico.
· The Canadian mining company Gold Corp headed the list of investors in Mexico last year, with approximately US$1.5 billion ventured.
· To boost competitiveness and productivity in Mexico, in 2010 alone a total of 14,000 regulations, rules, agreements and circulars were eliminated.
In 2010 Mexico ranked as the world's 6th top destination for Foreign Direct Investment (FDI), coming in ahead of countries such as the United Kingdom and Germany, according to the United Nations Conference on Trade and Development (UNCTAD). By the close of the year, the total FDI received in Mexico had reached a whopping US$19 billion.
In the period from January 2000 to September 2010, accumulated Canadian FDI in Mexico registered US$9.185 billion, positioning Canada as our country's fourth top investor. This investment confidence translates to 2,563 companies with Canadian shares operating in Mexico, and confirms our country’s standing as one of the most attractive destinations for investment around the globe.
The Canadian mining company Gold Corp headed the list of investors in Mexico last year, with approximately US$1.5 billion ventured. Its Peñasquito mining project in Zacatecas, which began in 2007, was completed last year.
On October 21, 2010 in the state of Querétaro, Bombardier inaugurated the plant where the company will build its executive aircraft Learjet 85, representing an investment of US$250 million. In total the company has announced US$450 million of additional investments in Mexico.
In fact, in the past five years the aerospace industry — comprising around 200 companies employing 30,000 Mexicans — has recorded an average annual growth of 20 percent, situating Mexico as the country with the greatest investment growth in this sector worldwide.
In the automotive industry, auto part maker Magna International Company announced this past January 27 that it will invest over $100 million to build a new automotive stamping plant in the state of San Luis Potosí, raising Magna's total number of Mexican plants to 31 in the 18 years since it first settled in our country.
Other automotive industry news is that Martinrea Internacional Inc., with five plants in Mexico, confirmed last May that it plans to open two more. "We will likely double our operations in Mexico in the next five years. We see Mexico as one of our highest growth areas," stated Executive Director Rob Wildeboer to President Felipe Calderón during the President’s Official Visit to Canada, on May 27, 2010.
To boost competitiveness and productivity in the country, in 2010 alone a total of 14,000 regulations, rules, agreements and circulars were eliminated, a move that has greatly facilitated economic activity. In addition, the Internet portal www.tuempresa.gob.mx was created, which reduces to 9 (on average) the number of days required to complete the Federal Government procedures involved in opening a new business.