Mexico
Exploring Mexico’s Riches:
The country’s dynamic industries and bright prospects
¡Hola a todos!
IRP’s 2023 summer destination is Mexico, a country that offers a wealth of opportunities for those looking to gain experience and make an impact in a variety of sectors – a perfect fit for IRP!
With a population of over 129 million and a GDP of 1.076 trillion USD, Mexico is a market with a lot of potential. Its position as a cost-competitive export nation has made it a popular destination for foreign investment in recent years.
Mexico also boasts a rich history and culture, having been inhabited by many different tribes over the centuries, with the Mayans being the most famous. The country is home to a diverse range of natural and cultural attractions, from the ancient ruins of the Mayans to the beautiful beaches of Cancun. Whether you’re interested in history, culture, or simply looking to relax, Mexico has something for everyone!
Hasta Luego!
industry Trends in Mexico
Manufacturing
Mexico is the world’s 9th largest manufacturer and the second-largest exporter of manufactured goods in the Americas.
Mexico has one of the most diverse manufacturing sectors in the world, with a wide range of industries including automotive, aerospace, electronics, and consumer goods.
Mexico has free trade agreements with 44 countries, including the United States, Canada, and the European Union, which makes it an attractive location for companies looking to export to multiple markets.
Agriculture
Mexico is a major exporter of agricultural products, with some of the main exports including tomatoes, peppers and fruits. Interestingly,
Mexico is one of the world’s leading producers of avocados, with the state of Michoacán alone accounting for over 50% of the global avocado production.
Mexico is the world’s largest producer of blue agave, which is used to make tequila, and the country is also the world’s largest consumer of tequila. Cheers!
Energy
Mexico has been working to increase its renewable energy production in recent years, particularly in the areas of wind and solar power. By 2024, the country wants 35% of its electricity from renewable sources.
Mexico is a top-10 oil producer with the ninth-largest proven oil reserves. Oil and gas fuel the nation’s economy.
Recently, Mexico has opened its energy sector to foreign investment to boost efficiency and reduce fossil fuel use. This has attracted investments from international companies.
Mining
Mexico is one of the world’s leading producers of silver and is also a significant producer of gold, copper, and zinc.
The mining industry in Mexico is comprised of both state-owned and privately-held corporations, as well as a handful of foreign firms, and significantly contributes to the nations’ economy.
Mexico is home to some of the world’s largest mining projects, such as the Cananea copper mine and the Peasquito gold mine.
Offshore
Significant oil and gas reserves are located in the Gulf of Mexico, contributing to Mexico’s extensive offshore oil and gas industry.
Mexico is currently in the process of opening its energy sector, especially the offshore sector, to private investment. This could yield growth in the offshore sector.
The offshore sector of Mexico is varied, with oil and gas production in the Gulf of Mexico and wind and wave energy possibilities off the country’s Pacific and Caribbean shores.
Tourism
Mexico boasts a plethora of attractions including ancient ruins, picturesque beaches, vibrant towns, and a deep cultural heritage.
The Mexican government has invested in infrastructure, marketing initiatives, and the protection of cultural and natural assets to boost the tourism sector.
Mexico has a high degree of safety and security measures in place to safeguard tourists, which has helped to improve the country’s reputation as a holiday destination.