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- Nearshoring in Mexico will grow beyond manufacturing to include higher value-added industries. Companies relocating to Mexico may have been initially attracted to the country's low manufacturing costs, but their operations may also benefit from several trade promotion and maquila programs available through the Mexican legal framework. With industries evolving into high-tech sectors (i.e., auto and aerospace), the demand for a workforce with a college or advanced degree is also increasing. This translates into a higher number of expats coming to Mexico to establish their parent company's regional operations. And with more global companies relocating to Mexico, so too are their advisors (i.e., financial and legal advisors with a global footprint).
- Mexico reinforced as a gateway to North America and other regions. Mexico will continue to capitalize on its unique position as part of the world's largest free-trade zone, the North America region, which accounts for 30% of the global economy. Mexico will also continue to capitalize on the existing regulatory framework, comprising 14 trade agreements and international forums with over 50 countries, with a potential export market representing 60% of the world's GDP.
- Investments in the semiconductor supply chain will grow. Given legislation passed in the United States to develop the semiconductor industry internally and regionally (i.e., the CHIPS Act), Mexico issued an executive order in late 2023 offering certain tax benefits for the export industry, including electronic components, among other goods. Joint efforts like this, along with other benefits of nearshoring (i.e., proximity to markets), should stimulate the regional semiconductor industry.
- Artificial intelligence and machine learning will help leverage resources. Artificial intelligence and machine learning are expected to help maximize resources by identifying the best resource allocation for a task or project. This may lead to greater automation in some industries, resulting in a shift away from jobs requiring physical strength and data analysis, and a shift towards candidates with higher skill levels and emotional intelligence (i.e., persuasion, social understanding, and empathy). SeeHarvard Business Review.
- "Made in North America." Since NAFTA, the first iteration of the free trade agreement for the North America region, and now with the USMCA, there has been a steady growth of supply chains for many types of high-value goods (i.e., car manufacturers, aerospace component manufacturers, etc.). This includes suppliers and original equipment manufacturers who also have set up in Mexico or have a strong regional presence. Going forward, labeling products "Made in North America" may be more accurate than "Made in Mexico" or "Made in the USA."
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