According to data released by the Mexican Ministry of Economy, foreign direct investment (FDI) in Mexico reached a total of $38.2 billion from January to May 2024, indicating continued interest from global companies.
This figure represents a 35% increase compared to the same period in 2023, when Mexico recorded $29 billion in FDI. This type of FDI is measured as investments aimed at expanding, acquiring, or establishing new businesses in a country.
Notably, the majority of investments in Mexico during the first five months of 2024 originated from the United States, accounting for $20 billion (51% of FDI). Germany ranked second with $5.7 billion (14%), followed by Argentina with $4.4 billion (11%).
The Ministry of Economy stated that investments in the manufacturing sector were the largest during this period, totaling $21.8 billion (56% of FDI). The transportation sector ranked second with $5.1 billion (13%), while investments in the trade industry came in third at $5 billion (13%).
An official commented, “The current diverse range of sectors seeking to invest in Mexico demonstrates that it’s no longer limited to traditional manufacturing companies. Investments are increasing in fields such as advanced technology, life sciences, and medical devices, as well as in all sectors including automotive, aerospace, semiconductors, mass media, and commercial industries.”
Recent updates on corporate investments include Evergo, a Dominican Republic-based electric vehicle charger manufacturer, investing $200 million to install 15,000 charging stations across Mexico.
Additionally, L&T Precision Corp., headquartered in Poway, California, announced a $142 million contract to build a factory in Tijuana, Mexico. L&T Precision is a provider of machining and sheet metal fabrication services.
Daikin Industries, a Japanese company manufacturing air conditioning units, also plans to invest $130 million to build a factory in San Luis Potosi, Mexico.
In the logistics and transportation sector, BNSF Railway announced plans to construct a 4,321-acre logistics hub near Phoenix to enhance the transportation, storage, and distribution of goods across Arizona and the Southwest, while also promoting sustainability. The hub will include a 1,770-acre intermodal terminal, a 1,420-acre logistics park for warehousing and distribution near the terminal, and a 1,131-acre logistics center with direct rail service sites to support local industries. BNSF’s facility is scheduled to open in 2028.
Furthermore, trailer manufacturer Utility Trailer Manufacturing Co. recently announced the opening of a CBNA (Cargobull North America) assembly plant and warehouse in Eagle Pass, Texas. This facility is adjacent to Utility Trailer Manufacturing Co.’s Southeast Texas dealer location.
Doosan Bobcat has also commenced construction on a $300 million factory in Mexico. The 700,000-square-foot facility will produce the company’s Bobcat M-Series compact loaders for distribution in North America.
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