The Mexican government stressed that it is interested in developing the semiconductor industry in the multi-modal inter-oceanic corridor in the Isthmus of Tehuantepec.
Raquel Buenrostro, Secretary of Economy, made this announcement on Tuesday in an appearance before the Mexican Senate, where she stated that more than 400 companies intend to relocate from Asia to Mexico.
«With the American companies, which we already know what their vocation is or what type of industry they are going to enter, one of them is electronics and semiconductors, there, for example, that is very interesting as projects for the Interoceanic Corridor. Why? Because all these semiconductors, chips and others require a lot of personnel, so it helps us to generate many highly specialized, well-paid formal jobs,» said Buenrostro.
She added: «We are in an area where there is water, where there are other types of natural resources that help this type of industry a lot».
Semiconductor industry
Recent declines in the semiconductor industry have been attributed to a variety of factors, including the Covid-19 pandemic, U.S.–China trade disputes, weak demand in certain markets, supply chain capacity issues and semiconductor prices across all applications, and excess inventories.
For example, Valens Semiconductor described that recent recessions have directly affected its business, as well as many other companies, suppliers, distributors and customers in the semiconductor and other industries around the world.
In terms of transportation, Mexico wants to position itself as a new route for multimodal traffic between Asia and the East Coast of the United States, for which it has undertaken the creation of a multimodal transportation corridor in the Isthmus of Tehuantepec.
This project involves a number of works to rehabilitate, modernize and expand the rail and road networks and ports in the region, including the development of specialized container terminals.
It is also planned to establish industrial parks («development poles»), which will have incentives to attract investment projects in logistics and activities related to agribusiness, manufacturing, energy, and services, with the aim of turning the area into a delivery center for the domestic market and re-exports.
With this project, Mexico seeks to position itself as a new competitor in the region, taking advantage of the Isthmus’ position to offer a new route between Asia and the East Coast of the United States.
According to the authorities, 51% of the project’s cost was financed with public funds.
