Mexico, U.S. plan pitch by early 2023 to lure corporations from overseas By Reuters

MEXICO CITY (Reuters) – Mexican Economic system Minister Raquel Buenrostro and U.S. Secretary of Commerce Gina Raimondo on Friday agreed to set out a plan by early 2023 for the relocation of firms from Asia to North America, Mexico’s authorities mentioned.

On her first go to to Washington since taking workplace in October, Buenrostro has this week met senior U.S. officers to debate joint commerce issues, in addition to efforts to draw companies from Asia.

Buenrostro’s ministry mentioned she and Raimondo on Friday talked about boosting provide chains, specifically for printed circuit boards and semiconductors, and agreed on how vital power, meals and nationwide safety are for financial improvement.

In a press release, the ministry mentioned the 2 will work to place ahead a joint presentation through the first two months of 2023 for the personal sector in regards to the financial and financial advantages their international locations are providing firms to relocate.

This summer season, the U.S. authorities authorized laws often known as the Chips Act that may present greater than $52 billion to spice up semiconductor manufacturing capability in the US.

On Thursday, Buenrostro mentioned efforts to resolve a bilateral spat over Mexico’s power insurance policies with U.S. Commerce Consultant Katherine Tai. Tai additionally careworn the significance of avoiding disruptions in U.S. corn exports to Mexico.