The New York Times has predicted that Mexico will surpass India and China to become the world’s next “dominant economic power in the 21st century,” according to a recent column examining the many benefits of investing in Mexico. Following a visit to Mexico real estate in Monterrey,which is the nation’s main industrial and innovation center,Pulitzer Prize winning New York Times columnist and former chief economic correspondent to the Washington Bureau Thomas Friedman found that U.S. companies are expanding here and that foreign direct investment has hit record highs.
“Mexico has signed 44 free trade agreements – more than any country in the world – which,according to The Financial Times,is more than twice as many as China and four times more than Brazil,” writes The New York Times. “Mexico has also greatly increased the number of engineers and skilled laborers graduating from its schools. Put that together with massive cheap natural gas finds,and rising wage and transportation costs in China,and it is no surprise that Mexico is now taking manufacturing market share back from Asia and attracting more global investment than ever in autos,aerospace and household goods.”
Mexico today reportedly exports even more manufactured goods than the rest of Latin America combined,with major corporations such as Chrysler using it as a base to export products as far away as China. Monterrey is also home to an impressive number of tech startups,many of which are spurred on by the nation’s young population,with more than 50 percent of the country at less than 29 years old.
“Mexico’s three major political parties have just signed ‘a grand bargain,’ aka ‘Pact for Mexico,’ under the new president Enrique Peña Nieto,to work together,” writes The New York Times. “Mexico grew last year at 3.9 percent. Integration of Mexico’s manufacturing and innovation prowess into America’s is a win-win. It makes U.S. companies more profitable and competitive,so they can expand at home and abroad,and it gives Mexicans a reason to stay home and reduces violence. We do $1.5 billion a day in trade with Mexico.”