The president of the Banorte Financial Group, Carlos Hank Gonzalezassured that the entity will create 800 new jobs to take advantage of the trend known as ‘nearshoring’ and that it will lead Mexico to become a destination for factories that seek to move from distant countries to be closer to the United States.
These new workers will be added to the more than 30,000 that the bank already has in Mexico, and will be distributed in various sections, such as marketing or customer service, with the majority of the contracts being hired in its wholesale division to offer services to small and medium-sized enterprises (SMEs).
In an interview, Hank González defined the relocation of companies as an “extraordinary” opportunity, mainly for northern Mexico. From the entity they trust that the rise of this trend will promote a wave of migration towards the north of the country, which will create demand for mortgages and loans for small businesses. “We have the capacity, being a local bank, to support these investments,” he added.
Banorte is betting that the nearshoring boom will drive a wave of migration to the north of the country from southern states, which will create demand for mortgages and loans for small businesses, Hank González said after meeting with investors on Tuesday.
According to a report published this month, the bank estimates that offshoring will generate $168 billion in new exports over the next five years, equivalent to 6.2% of Mexico’s non-oil exports in 2022.
Still, the country must improve its public infrastructure, offer investment incentives and integrate regions not yet in the supply chain to serve foreign markets.
Fund managers are already benefiting from this trend. Optimism about the flow of money into the country as companies set up shop is partly why the Mexican peso has soared about 7% against the dollar so far this year, more than any of its top 16 pairs that Bloomberg tracks.
Among the new investments that are starting to arrive, Tesla announced that it will build a new plant. For his part, bmw reported last month that it would invest 800 million euros in its San Luis Potosí plant.
