LatinNews Daily - 21 May 2021

In brief: Mexico hails FDI surge

* Mexico’s economy ministry (SE) has released new figures which show foreign direct investment (FDI) to Mexico in the first quarter of 2021 totalled US$11.86bn. The SE said that this was up 14.8% on the same period in 2020 and the highest figure registered for a quarter since 1999. The sector that attracted the most FDI was financial services & insurance (which received 46.6% of total investment); followed by mining (14.6%); trade (13.9%); and energy (11.5%). The US remains the chief source of FDI, accounting for 42.5% of inflows, followed by Spain (12.1%); Luxembourg (8.2%); the United Kingdom (5.5%); and Canada (4.8%). However, analysts point out that over half (59.2%) of the FDI in the first quarter of 2021 came from reinvested earnings from foreign investors that are already present in Mexico and only 18.6% were new investments (the remainder was through in-company transfers). In February the SE reported that FDI to Mexico totalled US$29bn in 2020, 11.7% less than the amount received in 2019 – a fall attributed to the negative impact of the coronavirus (Covid-19) pandemic on investment flows globally.

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