Scotiabank rules out brake on nearshoring for elections in 2024 – El Sol de México

The 2024 electoral period will not be a risk and brake for investments in the country, mainly those from foreign companies, assured Adrián Otero, general director of Scotiabank México.

“When you make investments of this style, you have to have a medium and long-term vision. We really don’t see that this electoral process that we are going to have is going to be a brake on nearshoring,” the manager said at a press conference.

You can also read: Insecurity overshadows foreign investment and nearshoring: Coparmex

According to Otero, the bank has identified new flows of Foreign Direct Investment (FDI) in at least 14 states, where Nuevo León concentrates close to 50 percent of these resources.

In this entity, the case of the construction of the mega factory of the automotive company Tesla stands out, which in turn will be the largest electric car plant in the world.

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Next year in both Mexico and the United States there will be a presidential election period and although the arrival of new investments will be something positive, Adrián Otero pointed out that there are several aspects that must be taken care of or maintained.

One of them is to preserve the stability of public finances and fiscal discipline. In addition, there must be another “pillar” of the national economy such as the independence of the Bank of Mexico (Banxico).

He added that the next six-year term must continue to generate dialogue between all sectors to maximize the opportunity presented in terms of economic growth and development.

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“Of course there are challenges, but when you see it and compare how it is, all these factors in the different geographies in the world, and you compare the country, it makes you see this solidity and this opportunity that we have for development, integration and connectivity between Canada , the United States and Mexico,” Otero concluded.

2023-12-05 20:21:08
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