The official explained that the incentives would apply to companies from any country interested in investing in the nation, including China.
Mexico would not be a “springboard” for China to enter the United States, he stressed.
An internal government document seen by Reuters shows that Mexico has begun working with companies such as electronics maker Foxconn 2317.TW, chip maker Intel INTC.O, automobile maker General Motors GM.N and Stellantis STLAM.MI. , and DHL logistics firm DHLn.DE to identify products that can be manufactured locally rather than in Asia.
According to the document, Mexico seeks to substitute imports from China, Malaysia, Vietnam and Taiwan.
Gutiérrez declined to comment on the companies mentioned in the document.
The stance towards Chinese automotive firms marks a possible change with respect to the government of former President Andrés Manuel López Obrador. Reuters reported in April that officials had said they would not give local incentives, such as low-cost public land or tax cuts, to Chinese vehicle makers under pressure from the United States.
A representative from the U.S. Embassy in Mexico declined to comment for this story.
Additionally, the administration of new President Claudia Sheinbaum is carefully considering Washington and Ottawa’s policies toward China, aiming to be more aligned to address Beijing’s potential unfair trade practices ahead of a scheduled review of the North American trade deal. , T-MEC.
“The pressure we have (…) the question is what are we going to do with China in the face of some practices that sometimes seem to be unfair,” Rosendo said.
“We are analyzing these practices to standardize what the United States and Canada are doing with Chinese investment or with Chinese imports,” he added.
Steel imports were one example, Rosendo said, referring to efforts by trading partners to fight circumvention of U.S. tariffs on steel by China and other countries that ship products through Mexico.
Mexico would continue to prioritize the United States and Canada due to the USMCA, established between the three partners, but for the second largest economy in Latin America that does not mean “breaking with China” or “denying investments in Mexico,” Gutiérrez said.
The undersecretary’s comments come after Republican presidential candidate Donald Trump warned he would impose new tariffs to prevent Chinese automakers from producing vehicles in Mexico and exporting them to the United States.
Polls show Trump and Democratic candidate Kamala Harris are locked in a tight race heading into the Nov. 5 election, with the outcome expected to be decided by narrow margins in battleground states.
Mexico is prepared to work with any of the candidates and does not see a big difference in the commercial relationship with Trump or Harris, Rosendo said.
“We understand that there is an issue of national security and the United States will have to understand that our discussions are also discussions to maintain Mexican sovereignty,” he indicated.
Sheinbaum and his new cabinet were working to calm foreign investors – as they tried to do during a high-level summit last week – and convince them that Mexico remains a safe bet for new businesses after a controversial judicial reform scared off investors. markets and deal a blow to the local currency, the peso.
Despite the financial nervousness, no company had decided to withdraw its investments from Mexico, Rosendo said. “Honestly, I have not heard that there is a company that leaves because it is afraid to invest here. Not a single one (has told me that),” he stated.
