During the meeting “Country Strategy”headed by Børge Brende and Marisol Argueta, director for Latin America, the organization highlighted that the country starts from an “enviable” position thanks to its geographical location, its proximity to the United States, its youth in the workforce and a level of public debt close to 50% of GDP that many countries would like to have.
Brende explained that a good part of the economic growth of the United States today is explained by investments in AI and emerging technologies.
If Mexico wants to benefit more from future growth, it must pivot towards the digital economy, digital commerce and services. There is the greatest dynamism
Børge Brende, president of the WEF.
For his part, Argueta pointed out that, although manufacturing will continue to be a relevant driver, the real economic leap will come from technological innovation and digital talent, which can generate higher quality and better paid jobs. “It is essential to invest in education, new skills and the development of capabilities that allow us to take advantage of the opportunities of AI,” he noted.
Investment signals
As a sign of business interest, Brende highlighted that Salesforce announced an investment of 1 billion dollars in Mexico over the next four years, after evaluating different destinations and concluding that the country offers world-class engineers with competitive costs.
The WEF president also mentioned that more than 60 CEOs from 17 countries participated in the meeting with the Presidency and the Mexican cabinet, an interest that he described as “unusually high.” “We had to close the registry due to the number of companies that wanted to come,” he said.
But despite the optimism, Brende stressed that Mexico needs reforms that facilitate investment, better infrastructure and digitalization in the public sector.
“The important thing now is to see an increase in growth; with growth comes new jobs for young people,” he added.
Beyond exports, it attracts Mexico’s domestic market
The WEF noted that Mexico has a robust domestic market, driven by rising minimum wages and increased consumption, attracting the interest of global consumer companies such as PepsiCo and Johnson & Johnson.
With a manageable public debt and a strategic location between the Atlantic and the Pacific, Mexico maintains key comparative advantages over other emerging countries. “Many countries would envy Mexico’s fiscal and geographic situation,” Brende acknowledged.
