* Mexico’s Foreign Minister Alicia Bárcena has stressed that Mexico must do more to capitalise on the opportunity of the current nearshoring phenomenon – the relocation of global production and supply chains to destinations closer to the US. Speaking at the 29th Mexican Foreign Trade Congress, organised by Mexico’s business council of foreign trade, investment and technology (Comce), a private sector association, Bárcena stated that Mexico “is not understanding the possibility of what nearshoring implies”, in comments widely cited in the local press. Bárcena added that if Mexico does not begin to capitalise on the trend soon, it runs the risk of other countries, such as Vietnam, becoming more competitive in terms of offering incentives for investment.
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LatinNews Daily - 22 November 2023
In brief: Mexico’s foreign minister urges more action on nearshoring
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