Mexico Business Summit 2023 - Impact Report by Mexico Business Publishing

IMPACT REPORT

THANKS TO ALL OUR SPONSORS

MEDIA PARTNERS

STRATEGIC ALLIANCES

Companies are actively working to strengthen and enhance the resilience of their supply chains amid geopolitical challenges, including tensions between China and the United States. In this context, Mexico is viewed as the ideal investment destination due to its proximity to one of the largest markets: the United States. The domestic business sector sees this as a significant opportunity to boost the Mexican economy. According to the most optimistic projections, Mexican GDP is expected to grow by over 3.2% in 2023, primarily propelled by nearshoring. In this context, numerous companies are exploring operations in Mexico, with the Tesla Gigafactory standing out as the largest example of nearshoring. While companies acknowledge Mexico’s potential to become a regional industrial hub, experts advise caution and recommend considering various factors before making investments in the country. Simultaneously, industry experts suggest that all levels of government should recognize the industrial sector’s needs to fully capitalize on the opportunities presented by nearshoring. Fortunately, these factors often align. Fostering dialogue can maximize the potential of what leaders are calling the “Mexican moment.” Industrial experts have identified a range of challenges that need careful consideration to effectively capitalize on these opportunities. Insecurity, compliance with ESG standards, insufficient infrastructure, skills development, technological innovation, legal certainty, labor relations, and energy availability are identified as the primary issues requiring attention from both governments and businesses. From a governmental perspective, there is recognition of the key role reliable and clean energy sources play as the backbone of every industrial project, particularly within the framework of ESG standards. Prioritizing the development of skills within the Mexican workforce is another imperative for governments to meet the requirements of industrial employers. In terms of their primary concerns, governments seek investments that genuinely contribute to economic growth, where compliance and an ethical business approach emerge as crucial elements. Both the public and private sectors understand nearshoring as a unique opportunity for Mexico and that it is crucial to build bridges between both sectors, as it is imperative to make the most of this trend to benefit not only governments and businesses but the whole of society. To facilitate these crucial dialogues, Mexico Business Summit 2023, on its very first edition, provided an exclusive platform, uniting key decision-makers to discuss the primary concerns of key industries shaping the Mexican Moment, including logistics, energy, natural gas, automotive, ESG, talent, electromobility, and, of course, nearshoring.

C o n fe r e n ce I mpact

586

companies

258

1st

46,608