Mexico City, September 20 (EFE).- Canada has investment projects of up to $10 billion in Mexico, Enrique Zorrilla, national president of the Canadian Chamber of Commerce (CanCham), revealed this Wednesday.

“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.

The president of CanCham highlighted that the Mexico, United States and Canada Agreement (T-MEC) is a central element of trade policy, stressing that it provides legal certainty to the investor, to the man of business and consumer in North America.

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

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 added 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.