Antonio Basagoiti Pastor, the President of the Spanish Chamber of Commerce (Camescom), envisions a new wave of capital from Spain to Mexico in 2023. He has experienced a significant increase in inquiries from Spanish companies interested in investing alongside Mexican companies compared to the past four years.
“Previously, we might have received inquiries from two or three companies interested in investing in Mexico per month, but now that number has multiplied by 3 or 4,” says the executive from Banco Santander.
“We have significantly increased inquiries from various sectors to pave the way for a new wave of Spanish investment in Mexico through partnerships with Mexican companies,” he tells Forbes Mexico.
Now, the sectors and industries betting on Mexico are those that have recognized that, due to nearshoring, Mexico will require suppliers for the automotive industry and electrical components.
“Spanish investment in Mexico has a very significant historical track record. In fact, we have weathered all kinds of governments and external issues, including earthquakes and currency devaluations,” the businessman states.
“We do not base our decisions on the political landscape; instead, we focus on Mexico’s potential for investment,” says the representative of Spanish companies that have established businesses in the Mexican economy.
Today, foreign investment indicates that Mexico is a country with significant growth potential, especially due to the relocation of companies from Asia, the United States, and Europe. Mexico also boasts a large and committed workforce and is a welcoming nation, according to the President of Camescom.
In this regard, Basagoiti Pastor asserts that Mexico is one of the most important places in the world for business investment in the coming years.
During the first half of 2023, Spanish companies increased their investment in the Mexican economy by over 100%, as reported by the Ministry of Economy (SE).
Spanish companies invested more than $4.224 billion between January and June 2023, compared to $2.075 billion in the previous year.
According to the agency led by Raquel Buenrostro Sánchez, from 2006 to the first half of 2023, Spanish companies have invested more than $57.375 billion in the banking, automotive, contact center, telecommunications, hospitality, restaurants, agribusiness, and other productive activities in Mexico.
Spanish firms rank as the second-largest investor in Mexico, second only to the United States, which has investments exceeding $233.949 billion.
In Mexico, more than 7,000 Spanish-origin companies operate in the electrical, banking, telecommunications, and contact center industries.
Currently, there are more than 500 Mexican companies in Spain, generating over 30,000 jobs, according to the Mexican Embassy.
In recent years, there have been 16 merger or acquisition operations involving national firms in the Spanish market, totaling nearly 1 billion euros, according to a report from the United Nations Conference on Trade and Development (UNCTAD) on global investment.
Mexico also leads greenfield business projects in Spain among Latin American investors, with 79 operations spanning a wide range of business sectors.
In addition to entering Spain through corporate acquisitions such as Cinépolis or Bimbo, there is a clear interest in the real estate sector, with operations in Colonial, Metrovacesa, or Realia, as well as hotels like the Villamagna, and numerous properties in premium neighborhoods, primarily in the city of Madrid.
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