The president of the Canadian Chamber of Commerce in Mexico (CanCham), Enrique Zorrilla, announced that this country is planning investment projects of up to $10 billion in the national territory.

“We have before us projects and investments of a major scale, in the order of 7,000 to 10,000 million dollars,” he said in the middle of the celebration of “CanCham Day 2023”.

Zorrilla highlighted that Canada is currently the second country with the largest foreign direct investment (FDI) in Mexico, with more than $52 billion in total.

He said Canadian investments are found in a wide diversity of sectors such as: mining, energy, automotive parts, aerospace, pharmaceuticals, logistics, infrastructure, tourism and education.

Read: Canada joins U.S. in panel against Mexico on genetically modified corn

The president of CanCham highlighted that the trade agreement between Mexico, the United States and Canada (TMEC) is a central element of trade policy, emphasizing that it provides legal certainty to the investor, businessman and consumer in North America.

“(The USMCA) modernizes and expands the rules for trade in goods and services in the region,” he added.

The North American integration process is irreversible

Zorrilla also stated that beyond the significant challenges for the three countries, the USMCA represents the process of economic integration in North America, which he now considers “irreversible”, and he even stressed that “in does, it deepens.”

He added that beyond the relocation of companies to Mexico or “nearshoring”, which, according to him, is limited to the commercial field, binational relations must be expanded until they are strong and reliable .

He stressed that this will also allow us to address other social issues of maximum importance to the Canadian and Mexican populations, such as security, the fight against addictions, migration, culture, health and education.

According to official figures, FDI received by Mexico in the first half of 2023 amounted to $29.041 million, including 4% of invested capital of Canadian origin, with investments of $1.219 million.

With information from the EFE

Do you like to be informed via Google News? Follow our Showcase to get the best stories