Northern Mexico aims to solidify its role as a nearshoring hub, according TCI Network

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Oct 16, 2024, 06:26 ET

CHIHUAHUA, Mexico, Oct. 16, 2024 /PRNewswire/ -- The biggest challenge for northern Mexico is not just attracting more investment, but strengthening the ecosystem and integrating it into global value chains amid the opportunity presented by a new federal administration and the trend of nearshoring, says Ulises Fernández, Secretary of Innovation and Economic Development for the State of Chihuahua.

"The most ambitious challenge, or opportunity, for the region is not only to bring in investment but to capture more value from that investment to strengthen and energize the local ecosystem," he said during the 27th Global Conference of the TCI Network, held in the northern Mexican state of Chihuahua.

The state secretary highlighted that the inauguration of President Claudia Sheinbaum's administration offers an opportunity to redefine strategies at the state level, across Mexico, and even with Latin America, to secure a position on the global map. In this regard, Fernández noted that clusters, as the conglomerates of companies engaged in related activities are known, represent the best tool and strategy to face "the ambitious opportunities we have."

Meanwhile, TCI Network President Merete Daniel Nielsen stressed the need to take a critical look at policies and strategies aimed at developing specific sectors.

"Collaboration is key, and that's good for us, the working class. It's well documented that it's truly essential to generate more competitiveness and more innovation, especially for SMEs that depend so heavily on a larger ecosystem to move forward," she said.

Jorge Cruz, president of Chihuahua's Economic Development Agency (DESEC), also agreed on the need to integrate the local economy into supply chains.

"We need to provide more local economy, shaping it into the supply chains of social sectors," he stated.

Cruz also noted that it was no coincidence that Chihuahua is hosting the 27th Global Conference of the TCI Network.

He highlighted that Chihuahua ranks sixth among Mexico's most competitive cities, is the country's leading state in exports to the United States—Mexico's main trading partner—and is the second-best city in terms of quality of life.

Additionally, Cruz boasted that Chihuahua is the second city with the highest level of formal employment in the country and emphasized its entrepreneurial ecosystem, stating that this makes the region "an ideal environment for those looking to innovate."

SOURCE TCI Network