February 23rd, 2024


1. Presidential candidates officially register

Before the start of the presidential campaigns, candidates Claudia Sheinbaum (Morena-PT-PVEM) and Xóchitl Gálvez (Fuerza y Corazón por México) registered with the National Electoral Institute (INE). After receiving their registration certificates, both candidates delivered a brief speech. Claudia Sheinbaum, in particular, presented a list of 15 principles that will govern her political platform, including environmental protection and promoting private and foreign investment.

Jorge Álvarez Máynez, candidate for the Movimiento Ciudadano party, registered on Thursday, officially formalizing his aspirations for the election on June 2nd.

El Economista: Xóchitl Gálvez se registra ante el INE como candidata a la presidencia de México.

2. Nearshoring with opportunities to establish in the south

(CCE) stated that the country’s economy could achieve a growth rate of 4%, supported in part by Foreign Direct Investment (FDI) in 2023 and early 2024, during which 373 new FDI announcements and 50 industrial park projects were recorded. Miriam Acuña, chief economist at the brokerage house GBM, pointed out that, due to the water scarcity situation in the central and northern regions of the country, many companies interested in relocating to Mexico would seek to establish themselves in the south. Therefore, authorities should ensure aspects such as water supply and infrastructure to facilitate operations.

El Financiero: CCE le ‘prende las velas’ al nearshoring: México puede crecer al 4% por relocalización, afirma.

Forbes: La crisis de agua provocaría que el nearshoring migre al sur del país: GBM.

3. Forums to debate presidential reforms start

The Chamber of Deputies inaugurated a series of open forums to discuss the package of constitutional and regulatory reforms presented by President Andrés Manuel López Obrador on February 5th. The series of sessions will consist of four national forums, five regional forums, and 32 state-level forums, where legislators will receive opinions from citizens and interested groups.

These opinion groups, comprised of members of both chambers of Congress will discuss and weigh viewpoints on issues such as salaries, the election of magistrates and judges, pension increases, and various areas related to health.

Aristegui Noticias: Diputados inician debate de las reformas de AMLO; realizarán 41 foros.

4. Resolution of transgenic corn dispute among T-MEC countries delayed

The judicial process addressing the trade dispute among Mexico, the United States, and Canada has been postponed to the second half of 2024, with the final ruling expected in November. Between March and May, the parties will be able to present arguments and respond to them, in addition to participating in three days of hearings scheduled for June.

The case was initiated by the United States in August 2023 to address the discrepancies between the provisions of the United States-Mexico-Canada Agreement (USMCA) and Mexican legislation prohibiting the human consumption of genetically modified corn.

El Universal: Fallo de panel de EU y Canadá contra México por maíz transgénico será hasta noviembre del 2024.

5. Presidential candidates meet with BlackRock CEO

Claudia Sheinbaum, candidate for the presidency of the coalition Sigamos Haciendo Historia, comprised of the parties Morena, PT, and PVEM, met with Larry Fink, Chairman and CEO of BlackRock, the world’s largest asset manager, on Wednesday. Sheinbaum posted about the meeting on social media, mentioning “the Mexican moment,” a term used to describe the economic growth that the country is experiencing and the boost it receives from nearshoring.

On the same day, Fink met with the other candidate, Xóchitl Gálvez, who mentioned the need to rebuild trust in Mexico.

Excelsior: Claudia Sheinbaum se reúne con Larry Fink, CEO de BlackRock.

Bloomberg en Línea: Claudia Sheinbaum y Xóchitl Gálvez se reúnen con Larry Fink, CEO de BlackRock.