Mexico, U.S. plan pitch by early 2023 to lure companies from overseas By Reuters

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© Reuters. FILE PHOTO: Mexico’s financial system Minister Raquel Buenrostro smiles throughout an occasion with enterprise affiliation representatives to debate targets for “Black Friday” purchasing season, in Mexico Metropolis, Mexico, October 19, 2022. REUTERS/Edgard Garrido

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MEXICO CITY (Reuters) – Mexican Economic system Minister Raquel Buenrostro and U.S. Secretary of Commerce Gina Raimondo on Friday agreed to set out a plan by early 2023 for the relocation of corporations from Asia to North America, Mexico’s authorities stated.

On her first go to to Washington since taking workplace in October, Buenrostro has this week met senior U.S. officers to debate joint commerce considerations, in addition to efforts to draw companies from Asia.

Buenrostro’s ministry stated she and Raimondo on Friday talked about boosting provide chains, particularly for printed circuit boards and semiconductors, and agreed on how necessary power, meals and nationwide safety are for financial growth.

In a press release, the ministry stated the 2 will work to place ahead a joint presentation throughout the first two months of 2023 for the personal sector concerning the financial and financial advantages their nations are providing corporations to relocate.

This summer time, the U.S. authorities authorised laws often called the Chips Act that can present greater than $52 billion to spice up semiconductor manufacturing capability in the USA.

On Thursday, Buenrostro mentioned efforts to resolve a bilateral spat over Mexico’s power insurance policies with U.S. Commerce Consultant Katherine Tai. Tai additionally confused the significance of avoiding disruptions in U.S. corn exports to Mexico.