Claudia Sheinbaum's Plan: Key Sectors Driving Mexico's Economic Growth

Under the upcoming administration of Claudia Sheinbaum, Mexico's economic development will focus on five key sectors, which are critical for the country's growth and global competitiveness. Othón Valverde Yáñez, the Undersecretary of Industry and Commerce, 

explained this at a recent Semiconductor Symposium. 
The event was hosted by officials from the U.S. Department of State. The strategic sectors identified include semiconductors, electronic devices, electromobility, medical devices, and agroindustrial sectors.

Mexico City (09/05/2024) – On Thursday, the Ministry of Economy (SE) provided detailed insights into Claudia Sheinbaum's Economic Program to U.S. government officials. This program is a cornerstone of Mexico’s new industrial policy, with clear objectives to boost industry, enhance value chains using national or regional materials, and establish industrial clusters or parks. These efforts are aimed at creating a robust business environment that fosters economic activity and resilience.

According to Othón Valverde Yáñez, the Economic Program will be anchored around five strategic sectors crucial for Mexico’s economic advancement: semiconductors, electronics, electric vehicles, medical devices, and agroindustry. Understanding what a semiconductor is and its role in the semiconductor industry is pivotal for grasping how these sectors contribute to economic development. Semiconductors are fundamental to various aspects of modern technology and play a significant role in chip manufacturing and the broader semiconductor devices market.

Understanding Semiconductor Manufacturing and Investment

At the Semiconductor Symposium, which is part of the Alliance of the Americas' initiative to expand the semiconductor ecosystem, Valverde Yáñez highlighted the importance of the semiconductor industry for Mexico. This industry is vital for the country’s economic growth and its integration into the global economy. With a focus on investing in semiconductors, Mexico aims to bolster its semiconductor manufacturing capabilities.

The ATP (Assembly, Testing, and Packaging) scheme is a crucial component of the semiconductor industry’s growth strategy. This initiative aims to improve the efficiency and output of semiconductor manufacturing processes, making Mexico a competitive player in the semiconductor industry. The sector will also emphasize research and development to ensure that Mexico remains competitive in North America and on the global stage. By advancing semiconductor manufacturing, Mexico hopes to contribute significantly to the global economy and the development of new technologies.

Medical Devices and Talent Development

The expansion of Mexico's medical devices sector is a key priority for the new administration. The country plans to stimulate growth among medical device companies by focusing on talent development to support this essential industry. Investing in medical device manufacturing is seen as a crucial strategy to strengthen Mexico’s position in the global market.

To achieve this, industrial clusters dedicated to medical devices are being created, allowing Mexico to foster innovation and attract international foreign investments. This economic activity will be driven by managing labor costs well and sourcing raw materials effectively. This will boost Mexico’s global competitiveness and help grow its medical devices sector.

Addressing challenges and leveraging opportunities in nearshoring will be fundamental to Mexico’s industrial growth.

Nearshoring Mexico: Opportunities and Challenges

Nearshoring Mexico has emerged as a strategic focus due to the country’s robust maquiladora sector and its need to attract global semiconductor manufacturers. The industrial policy will change tax incentives, including those for the film industry. This aims to better match Mexico’s economic goals. This adjustment is intended to enhance the country’s appeal as a nearshoring destination for various industries.

The policy will focus on developing cities in Mexico as centers for industrial electronics. It will promote industry clusters and create a supportive environment for semiconductor manufacturers. We will assess the short-term business environment to ensure that it aligns with long-term economic objectives. Addressing these challenges and leveraging the opportunities of nearshoring will be crucial for Mexico’s industrial growth.

Industrial Clusters and Agroindustry

The strategy also aims to develop industrial clusters. Key companies in areas like semiconductors and agroindustry will support these clusters. The aim is to create a sustainable industrial system that drives Mexico's growth. Efficient manufacturing processes and advancements in artificial intelligence (AI) for the automotive industry will play a significant role in this development.

Creating robust industrial clusters will enable Mexico to capitalize on its strengths in semiconductor manufacturing and agroindustry. By fostering these clusters, Mexico can enhance its manufacturing capabilities, improve supply chain efficiency, and support the development of clean energy solutions, including renewable energy.

Addressing Energy Supply and Infrastructure

The new administration will also tackle infrastructure challenges, particularly those related to energy supply. Strengthening the provision of energy, including renewable energy sources, water, and other essential services, is critical for supporting Mexico's growing industries. Ensuring a reliable and sustainable energy supply will help Mexico maintain its competitive edge and support the expansion of its manufacturing sectors.

Dual Model for Talent Development

The Ministry of Economy, in collaboration with the Ministry of Education, is introducing a dual education model that aligns academic training with industry needs. This initiative aims to cultivate a skilled workforce capable of meeting the demands of Mexico’s evolving economic sectors.

The dual model will address the talent development needs of semiconductor companies and other manufacturing companies. The model combines academic training with real-world experience. This helps future workers prepare for the increasing demands in these fields. This approach will help improve the quality of goods and services in Mexico and support the country's industrial growth.