New international business center inaugurated to boost Mexican exports
The Ministry of Economy, inaugurated this September its International Business Center (CINSE), a space for the economic promotion of Mexico and its states, the dissemination of business events and the use of business opportunities of the country with the rest of the world.
CINSE seeks to fulfill the mission of the Ministry of Economy to diversify products, services, and sectors in which Mexican business operates, multiplying the markets with which traditionally economic ties have been strengthened.
The new space is located in one of the most connected areas of Mexico City and offers business booths, conference rooms, an auditorium and an area for networking.
CINSE is for all those who wish to carry out activities for the promotion of exports and the attraction of foreign direct investment, for businessmen and businesswomen who seek to innovate, share experiences and strengthen their ties with other latitudes.
The inauguration of this International Business Center represents an opportunity to promote the development agenda and has to do with the promotion of foreign trade, which is an engine of development and growth of the Mexican economy.
There is work to be done to strengthen the institutional framework that the country already has through the strengthening of the network of 13 treaties that Mexico has, six Economic Complementation Agreements and 23 agreements for the Reciprocal Protection and Promotion of investments with 33 countries.
The CINSE will be an element of great importance to continue with the development of foreign trade and will be an ideal space for the dissemination and economic promotion of Mexico and its federative states, as well as other business opportunities with the world.
The first event to occupy the CINSE facilities will be Fintech Week CDMX, a meeting organized by the most relevant actors of the sector in Latin America.
Mexico hosts more Fintech startups than any other country in Latin America. Such startups have great potential to boost business in different parts of the country and turn the economy into a more inclusive space. Financial inclusion is a key factor to reduce poverty and promote prosperity and well-being of people.
Mexico, after the United States, is the largest exporter of manufactured goods in the Americas
In 2018, Mexico exported 363 billion dollars in manufactured goods, to occupy seventh place worldwide with the growth of nine percent, according to the "2019 World Trade Statistics Review" published by the World Trade Organization (WTO).
The first place is occupied by the European Union with 5 trillion 95 billion dollars, followed by China with 1 trillion 857 billion dollars, the United States with 2 trillion 318 billion dollars, Japan 1 trillion 179 billion dollars and Korea with 641 billion dollars.
The sixth position is occupied by Hong Kong with 511 billion dollars, which could be added to those of China, followed by Mexico with 363 billion dollars, Taipei with 304 billion dollars, Singapore with 301 million dollars and Switzerland with 226 billion dollars.
Mexico, after the United States, is the largest exporter of manufactured goods in the Americas. In this only Canada and Brazil have a manufacturing industry as or more developed than Mexico, but their exports are lower.
In the country, after the economic crisis of the 1980s, the manufacturing sector began to strengthen, but what explains the extraordinary development of exports is Mexico's entry into the North American Free Trade Agreement (NAFTA).
For more than 100 years there has been no change in the percentage of exports sent by Mexico to the United States, which are around 85%, but since 1994, when NAFTA came into force, the amount of these has not stopped growing, to reach the current numbers.
In the imaginary of Mexican society is not present that Mexico is a power exporter of manufactured products, which highlights the automotive industry, electronics and special.
The export manufacturing industry linked to NAFTA has been concentrated in the states of central and northern Mexico that cause regional equality to sharpen. In comparative terms, the south and southeast of the country are lagging further and further behind.
One of the country's great challenges is to continue to grow in manufacturing capacity, for the domestic and export markets, and at the same time close the gap in levels of development between the different regions of the country.