Canada plans to invest up to $10 billion in Mexico: CanCham

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

“We have major projects and investments ahead of us, worth about 7,000 and 10,000 million dollars,” he said amid the celebration of “Kancham Day 2023.”

Zorrilla stressed that Canada is currently the second country with the largest number of foreign direct investments in Mexico, with a total of more than $52 billion.

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

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The CanCham President stressed that the Mexico-United States-Canada (TMEC) Trade Agreement is an essential element of trade policy, as he emphasized that it provides legal certainty to the North American investor, entrepreneur and consumer.

He added, “(The United States-Mexico-Canada Agreement) works to modernize and expand the rules of trade in goods and services in the region.”

The North American integration process is irreversible

Zorrilla also stated that in addition to the important challenges facing the three countries, the USMCA represents the process of economic integration in North America, which he said is now “irreversible,” and which he emphasized is “in fact deepening.”

He added that beyond the relocation of companies to Mexico or “convergence,” which he said was limited to the commercial sphere, bilateral relations must be expanded so that they become strong and reliable.

This will also allow us to address other social issues of utmost importance to the Canadian and Mexican people, such as security, anti-addiction, immigration, culture, health and education,” he noted.

According to official figures, the direct foreign investments received by Mexico in the first half of 2023 amounted to $29,041 million, of which 4% were invested capital of Canadian origin, with investments worth $1,219 million.

With information from EFE

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