Baja California is second place in foreign investment, claims Governor Marina del Pilar

She highlighted that the state was ranked as the 2nd in the country attracting the highest foreign direct investment

Marina del Pilar Ávila Olmeda, Governor of Baja California, revealed that the state has positioned itself as the second state attracting the highest foreign direct investment (IED) during the last three months of 2022. This thoroughly exceeds the ninth position it was placed in the same time period in 2021, according to data from the government of Mexico.

The state governor pointed out that the state received 356.6 million dollars of IED in the fourth quarter of 2022, i.e., 23% of what was attracted into Mexico, registering an annual growth of 114%, one of the highest in the country.

“This translates to greater economic dynamism, more jobs, and an improvement in the capability of our families to get what they need. In this administration we have worked hand in hand with the private sector to promote the wellbeing of our families,” the state governor said.

For his part, the Secretary of Economy and Innovation, Kurt Ignacio Honold Morales, stated that in 2022, a total of 1,877 billion dollars were earned, which means Baja California contributed to 5.3% of foreign investment nationwide.

The state official added that 24.3% of IED was allocated to new investments, 24.2% was reinvested in profits, and 51.5% were accounts managed between companies. US companies provided 7 of each 10 dollars of IED, i.e., 73.3% of the total in a year, followed by Japan with 9.7%, and Korea with 7.6%.

By economic industries, the manufacturing industry had the highest rate with 53.4% of the state total. In second place was the transportation, mail, and storage industry with 31.4%, and in third place, the construction industry with 5.6%.

Specifically, Honold Morales stated that the main activities were transportation of natural gas through ducts with 19.7%, followed by manufacturing of cars and trucks with 17.5%, construction of water supply, petroleum, gas, electric energy, and telecommunication projects with 4.7%, among others.

RELATED VIDEO: Baja California is second place in all of Mexico regarding foreign investment


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