Banorte Financial Group presented its strategy called “Zoom Nearshoring”, through which a constant analysis of the most relevant data related to foreign investment in Mexico will be carried out, derived from the trend of production migration.
The institution projects relevant profits derived from the efforts through nearshoringand it is estimated that the relocation could have an impact of 33.6 billion dollars in the next five years.
It was stated that while non-oil exports would have an estimated average annual increase between 5,186 million dollars and 41,233 million dollars in the next five years, regardless of the nearshoring phenomenon, as a result of relocation it is projected that the additional effect accumulated in five years is 168,000 million dollars in non-oil exports.
According to Alejandro Padilla Santana, deputy general director of economic and financial analysis at Grupo Financiero Banorte, the Small and Medium Enterprise (SME) segment is expected to be one of the main beneficiaries.
“These potential gains from nearshoring incorporate this dynamic of important changes, it must be understood that it is a structural change, the inertial part and the trend is favorable, but the structural part is what makes us think that nearshoring can unleash the potential of Mexico” Padilla pointed out.
The financial group announced that it sees itself in a solid position to meet the demand that could be generated in the financial sector. In this regard, Francisco José Flores Serrano, director of the national economy of the entity, pointed out that the portfolio grew 15% in 2022 and that its position as the second financial group in the country offers them opportunities.
This means that not this amount of products today, which is being very competitive, which we believe is perfectly possible, we are just saying how we are going to support each of these companies”, explained Serrano.
The Tesla Impact
The analysis carried out by the group indicated that Mexico has benefited from investments similar to the one announced by Tesla of 50,000 million dollars for the construction of a plant whose production capacity could be one million electric vehicles per year. The entity indicates that this type of investment has structurally modified its sector.
As indicated by Padilla, the arrival of the electric car manufacturer in the country is a sign of the potential that exists in the country for structural reconfiguration of sectors where Mexico has excelled.
“Electric cars imply a renewal of the plants, a different approach to companies, they are quite positive factors so that Mexico can continue to benefit from what is happening today in foreign trade,” he said.
According to the information presented by the financial group, factors such as the energy transition, decarbonization and zero emissions commitments, in addition to the Treaty between Mexico, the United States and Canada, represent one of the greatest opportunities in decades for an acceleration of investment.
