According to Reuters, Mexican Deputy Minister of Foreign Trade Luis Rosendo Gutierrez said in an interview that Mexico is considering providing preferential tax credit policies to attract foreign companies to invest and produce in Mexico, focusing on electric vehicles, semiconductors, rare earth minerals, batteries and electronics.
Photo source: Mexican government, Mexico’s new government is currently evaluating how to attract more investment as companies seek to move supply chains closer to their main markets, and on the eve of the U.S. presidential election, the United States is experiencing a period of turmoil and increased protectionism.
, Luis Rosendo Gutierrez said: “We are seriously considering providing tax credit incentives very similar to those in the United States and Canada.
We think this will attract many foreign companies to invest in Mexico.
“, Luis Rosendo Gutierrez said the tax credit incentives would apply to any company interested in investing in Mexico, including China companies.
However, he emphasized that Mexico will not become a “springboard” for China companies to enter the United States.
An internal government document seen by Reuters showed that Mexico has begun working with companies including electronics maker Foxconn, chip maker Intel, U.S. carmaker General Motors, logistics company DHL and carmaker Stellantis to determine which products can be produced in Mexico rather than imported from Asia.
The document states that Mexico is seeking to replace imports from China, Malaysia and Vietnam.
Separately, Luis Rosendo Gutierrez declined to disclose more details about the company mentioned in the document.
, From this point of view, Mexico’s attitude towards China automakers may change.
According to reports, in April this year, Mexican officials said that due to pressure from the United States, Mexico would not provide local incentives such as low-cost public land or tax cuts to China automakers.
A representative of the U.S. Embassy in Mexico declined to comment on the report.
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