Mexico, U.S. plan to lure firms from abroad

Mexico, U.S. plan to lure firms from abroad

Mexico, U.S. plan to lure firms from abroad MEXICO CITY - Mexican Economy Minister Raquel Buenrostro and U.S. Secretary of Commerce Gina Raimondo agreed on Friday that they will set out a plan for the relocation of companies from Asia to North America by early 2023, Mexico's government said.

Buenrostro has met senior U.S. officials this week to discuss joint trade concerns, as well as efforts to attract businesses from Asia on her first visit to Washington since taking office in October.

Buenrostro's ministry said on Friday she and Raimondo talked about boosting supply chains, particularly for printed circuit boards and semiconductors, and agreed on how important energy, food and national security are for economic development.

The ministry said the two will work together to put forward a joint presentation during the first two months of 2023 for the private sector about the economic and fiscal benefits their countries are offering companies to relocate.

The Chips Act, which will provide more than $52 billion for semiconductor manufacturing capacity in the United States, was approved by the U.S. government this summer.

On Thursday, Buenrostro discussed efforts to resolve a bilateral spat over Mexico's energy policies with U.S. Trade Representative Katherine Tai. Tai stressed the importance of avoiding disruptions in U.S. corn exports to Mexico.