Mexico City. In order to attract American companies that are looking to relocate their production processes to Mexico – a phenomenon better known as nearshoring–, BBVA México, the bank with the largest presence among those operating in the country, opened a new representative office for corporate and government banking in Houston, Texas, United States.
“The intention is to go to the place of origin of entrepreneurs who are looking to operate in Mexico, anticipate their needs and not wait for them to arrive in the country,” said Victor Rojas Fernandez, director of the Houston-based office of the Business and Government Bank, while indicating that “the strategy contemplates attracting about 65 foreign companies in the first year of operations.”
According to BBVA, Houston stands out for its industrial diversity focused on the aerospace, manufacturing, energy, biotechnology, digital technology and logistics and transportation sectors, and the headquarters offers investment advice, financial tools and access to the supply chain of the financial institution that has around one million business clients in Mexico.
The bank’s latest Regional Sector Situation report indicates that Texas stands out as the US entity with the largest imports from Mexico, reaching 142.7 billion dollars in 2023.
He also noted that Mexico registers a greater exchange of goods and services per year with Texas than with Asia, which makes that region a very important commercial attraction for our country.
The same analysis points out that from the United States’ perspective, annual imports of goods from Mexico in 2023 reached $475.6 billion, with manufacturing accounting for 88.7 percent of the total, while demand for Mexican goods shows a geographic pattern linked to U.S. industrial regions among which Houston is the leader.
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– 2024-09-05 21:17:16
