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Mexico will promote auto parts investment

Karla Salinas | 04.03.2015

Mexico will seek to attract new investment in the auto parts sector to support the replacement of US$32 billion in imports of this market, said Enrique De la Madrid Cordero, Bancomext´s CEO.

Mexico will seek to attract new investment in the auto parts sector to support the replacement of US$32 billion in imports of this market, said Enrique De la Madrid Cordero, Bancomext´s CEO.

"The intention of Bancomext is to identify not only what we import, but who we are importing from", he said.

He noted that although there isn´t an annual goal to substitute auto parts imports, the institution is currently working on this issue, in order to attract more foreign companies and make them take advantage of Mexico’s favorable conditions.

Mr. De la Madrid also commented that financing for firms installed in Mexico has increased substantially, from last year´s US$345 to US$862 million for the automotive sector.

It is a very important and competitive sector in Mexico which is intended to support and make possible that it reaches the 5 million vehicles produced by 2020, as it has raised the Mexican Association of the Automotive Industry (AMIA).

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