With current diplomatic difficulties beginning to fade, Spanish overseas direct funding (FDI) in Mexico rose 69% in 2024 in comparison with 2023 and continues to rise, in keeping with information from the Spanish Chamber of Commerce in Mexico (Camescom).
Mexico was the third best recipient of Spanish overseas funding in 2024, with Spanish corporations investing €3.3 billion (US$3.86 billion) within the Mexican market. This was the biggest funding since 2018, when Spain invested €5.5 billion ($6.44 billion) in Mexico.
Simply over 72%, or €2.2 billion ($2.58 billion), of the 2024 Spanish funding in Mexico went to the monetary providers sector.
Spain has 2,300 firms working in Mexico, supporting over 500,000 oblique jobs countrywide. In the meantime, Mexico is the sixth-largest investor in Spain, contributing 50% of Latin American funding within the nation.
A Camescom survey of Spanish firms working in Mexico revealed that 75% of corporations see the funding local weather pretty much as good, 39% have seen enhancements in comparison with final yr, and 54% understand it as steady. Nonetheless, 32% of firms highlighted issues over the trade fee.
“Regardless of all of the noise, wars, tariffs and inner Mexican political points, I’m seeing the identical urge for food for Mexico, and the nice factor is that the numbers assist this notion,” stated Jordi Peixó Marco, the Spanish financial institution Santander’s govt director of worldwide enterprise and agribusiness within the small and medium-sized enterprise and industrial banking segments.
Simply within the first quarter of 2025, Spain has invested over €3.2 billion ($3.758 billion) in Mexico, accounting for 15% of Spain’s complete FDI, in keeping with Camescom’s president, Antonio Basagoiti.
“Regardless of the worldwide challenges, the figures mirror an actual dedication and shared improvement,” stated Basagoiti.
Diplomatic relations are bettering
In 2022, former Mexican President Andrés Manuel López Obrador referred to as for a pause on diplomatic relations between Mexico and Spain after Spanish King Felipe VI refused to problem a public apology for the Conquest, a call that President Claudia Sheinbaum upheld.
On Monday, the Spanish ambassador to Mexico, Juan Duarte Cuadrado, met with Gerardo Fernández Noroña, president of the Mexican Senate, to request the resumption of the Mexico-Spain Binational Fee, a gathering to advance joint agendas in areas like commerce, funding and tradition.
“Though we nonetheless have a free finish to resolve, from my place as ambassador, I’ve been working for nearly three years to easy out these minor difficulties, and I’m satisfied that we will transfer ahead on this last stretch,” Duarte stated throughout the assembly.
Throughout an interview after the assembly, Fernández Noroña was requested if the pause in relations had successfully been overcome.
“We’re involved in overcoming no matter variations there could also be and strengthening our ties,” he stated.
With studies from Milenio, El Financiero and Reuters
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