Citibanamex meets with 52 Asian companies; promotes ‘nearshoring’

Mexico City. As part of the banking efforts to concentrate the opportunities offered by the phenomenon of company relocation, better known as nearshoring, Citibanamex executives met with 52 companies in Asia.

“Citibanamex corporate banking executives toured Asia with the aim of strengthening commercial ties with companies in the region, promoting relocation to Mexico and promoting the expansion or installation of their operations in the country,” the financial institution indicated.

The Citibanamex management team was led by Germán Heberling, director of global banking, and Antonio Moreno, head of sales, treasury and trade, as well as Citi’s corporate banking team in each country.

“They visited 52 clients in China, Japan and Taiwan with mobility, technology and semiconductor companies, among others, which see Mexico as an attractive country to invest and locate their operations,” the institution stated.

He said that the trip was made in coordination with the liaison office of the Ministry of Foreign Affairs in Taiwan and the consulting firm PwC. They also celebrated Mexico Day, with more than 30 companies, during which they talked about the country’s good economic prospects and the advantages it offers to bring their investments and operations, expand and grow.

“Our objective is to promote investment in Mexico within the framework of nearshoring supporting clients from financing, account opening, capital injection and investment banking, among other services,” said Antonio Moreno, from Citibanamex, in a statement.

The entity explained that, according to a PwC study, Mexico is an attractive option for relocating company operations, since it offers benefits such as specialized labor at a lower cost, quick access to the North American market, ease of starting operations and the Mexico-United States-Canada trilateral agreement.

For its part, the Inter-American Development Bank (IDB) estimated that in 2022 the potential gain for Latin America and the Caribbean derived from the opportunities of the nearshoringin the short and medium term, can represent an increase of up to 78 billion dollars in new exports of goods and services and various important ones.

“For Citibanamex it is of utmost importance to accompany our clients so that they take advantage of the advantages of nearshoringwhich generates opportunities for the growth of the country’s economy, the development and projection of companies, and the well-being of people,” concluded German Heberling.