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Home Steel News Mexico unveils $277 billion "Mexico Plan" to boost economy & social equity
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Mexico unveils $277 billion "Mexico Plan" to boost economy & social equity

17 Jan 2025 16:28 reported by Stanley Wang

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Mexican President Claudia Sheinbaum unveiled the "Mexico Plan" on Monday, a US$277 billion strategy aimed at positioning the country as a regional leader in economic development and social equity while aspiring to become one of the world's top 10 economies by 2030.

The plan outlines over 2,000 investment projects spanning key industries such as automotive, aerospace, textiles, pharmaceuticals, agribusiness, and electromobility. It seeks to increase public and private investment to 27% of GDP and streamline project approval times from 2.6 years to one year.

Finance Secretary Rogelio Ramírez de la O emphasized the plan's focus on strengthening North American integration to counter China's growing trade dominance. Replacing 10% of Chinese imports with regional production could boost Mexico's GDP by 1.2%.

Sheinbaum also pledged to create 1.5 million jobs, raise the minimum wage, and reduce poverty through education and digitalization reforms, complemented by new industrial parks and incentives for business relocation.

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