Mexico has always been a hub for businesses owing to its favorable government policies, low tax rates, and strategic location. However, in recent times, the country has undergone a series of economic, social, and political changes that have made headlines across the world. As an avid follower of Mexico business news, you would not want to miss out on the following top five updates:
1. Mexico’s COVID-19 Vaccination Drive
Mexico has been hit hard by the COVID-19 pandemic with over 2.4 million cases and 228,000 deaths as of April 2021. However, the country’s COVID-19 vaccination drive has gained momentum in recent weeks as it aims to vaccinate its entire adult population by the end of 2021. According to the Mexico Ministry of Health, as of April 2021, over 10 million vaccine doses have been administered across the country.
2. Mexico’s Fiscal Deficit Narrows in 2020
Despite the economic challenges posed by the COVID-19 pandemic, Mexico’s fiscal deficit narrowed to 2.5% of GDP in 2020, down from 2.8% in 2019. This is due to a combination of factors, including expenditure cuts, higher tax revenues, and lower oil prices. The government also announced a stimulus package worth around 1.1% of GDP to support the most vulnerable sectors.
3. Mexico’s Aerospace Industry Gains Traction
Mexico’s aerospace industry has been growing steadily over the past few years, with the government aiming to make the country a global aerospace hub. The industry currently employs over 60,000 people and is expected to generate $12 billion in revenue by 2023. Major companies such as Bombardier, Safran, and Honeywell have set up shop in Mexico, attracted by its skilled workforce and low operational costs.
4. Mexico’s Renewable Energy Projects
Mexico has set ambitious targets to increase its renewable energy share to 35% by 2024, up from 25% in 2020. This has led to a slew of projects in wind, solar, and hydro power across the country. In March 2021, the government announced tenders for 19 new renewable energy projects worth $2.6 billion. These projects are expected to generate over 2.5 gigawatts of clean energy and provide electricity to around 2.3 million households.
5. Mexico’s Telecommunications Industry Reforms
The Mexican government has been taking steps to increase competition in the telecommunications industry, which has traditionally been dominated by a few players. In March 2021, the government announced changes to the frequency allocation process, making it more transparent and equitable. This move is expected to attract new entrants into the market, improve service quality and lower prices for consumers.
In conclusion, Mexico’s business landscape is constantly evolving, and keeping up with the latest news and developments is essential for staying ahead of the curve. From COVID-19 vaccination drives to renewable energy projects, Mexico is making significant strides in various sectors, making it a lucrative investment destination for many businesses.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)
Speech tips:
Please note that any statements involving politics will not be approved.