The Mexican embassy in China is sweetening the eyes and ears of electromobility companies to bring their capital to the country.
The Mexican ambassador to China, Jesus Seade Kuri announced that the manufacture of electric cars is one of two industries his office is betting on to become a bountiful source of Chinese investment for Mexico.
Embassy officials are already talking with Chinese investors in the sector with a view to finalizing capital inflowscommented the ambassador without specifying names of the companies that have shown interest.
“With four of them, the most important, we are already in a very close dialogue, helping them to examine concrete options, to make contacts in possible locations where to invest, to make contact with governments, trying to attract them to Mexico”, said Seade Kuri this Thursday during the closing ceremony of the China-Mexico Forum.
The electric cars They are emerging as the future of mobility. The market is still in its infancy and is dominated by US, European and Japanese companies, but China is on the march with brands like Nio, Li Auto and XPeng. What’s more, Teslaof the billionaire Elon Muskhas had several approaches with the Chinese government to install its manufacturing in the country.
Mexico is already an important node in the traditional car manufacturingand it is expected that, with the transition to electromobilitytransform your production plants. Ford assembles its electric SUV at a plant in Cuautitlán (State of Mexico), and General Motors will assemble electric cars in a factory in Ramos Arizpe (Coahuila). This week, US-based Resources Link EV announced an investment of 265 million dollars (mdd) for the manufacture of electric trucks and minivans in Puebla.
In addition to electric vehiclesAmbassador Seade pointed out that work is being done to bring the large Chinese hotel chains to the main touristic destinations from Mexico.
“Having this type of hotel in Mexico would be a very important factor in starting to put ourselves better and more clearly on the map for this type of visit,” he said.
Let’s export more and better
Jesús Seade reiterated that the embassy expects record numbers of trade flows between Mexico and China once the total data for 2021 is available.
Everything indicates that the figure will exceed $100 billion from commercial exchange between China and Mexico, he said, he also indicated that there is a “huge imbalance” between what is bought and what is sold.
“We underline the enormous trade imbalance that this added figure contains, and therefore the need to export more and export better, with greater added value”, he commented.
The value of foreign trade between China and Mexico amounted to 98 thousand 963 million dollars during the period January-November 2021, according to data from the Bank of Mexico (Banxico), a number that already exceeds the record reached in 2018 (90 thousand 939). Imports from China reached 90 thousand 555 million dollars as of November, while exports amounted to 8 thousand 407 million dollars, leaving a deficit of 82 thousand 148 million dollars for Mexico.
Seade pointed out that it is necessary boost manufacturing exports. More than 80 percent of Mexican sales abroad are manufactured products, but these represent less than half of what is sent to China.
“We must look for a greater export to China of manufactured products […] Manufacturing offers a great future that we have only just begun to exploit,” the ambassador declared.