Supporting the nearshoring movement in Mexico
A number of multinationals that had offshored their manufacturing to Asia are now choosing to locate in Mexico in order to be closer to their key markets a clear example of the nearshoring trend, supported by the tax incentives announced by the Mexican government. In 2022, VINCI Airports became the largest shareholder in OMA, the operator of 13 Mexican airports until 2048. That concession includes several airports in Northern Mexico, in the states of Chihuahua, Coahuila, Durango, San Luis Potosí and Nuevo León the closest to the US border. Since October 2022, 55% of company repatriations have been concentrated in these five states alone, with investments of over $37 billion. Companies in the automobile, agriculture and household appliance manufacturing industries have all set up there. The freight subsidiary OMA Cargo is capitalising on this nearshoring movement by developing partnerships with air cargo carriers. Between 2019 and 2023, volumes transported rose by 23%, and four new airlines Mas Air, AeroUnion, Lufthansa and Air Canada started operating within the OMA network. This momentum has also had a positive effect on international passenger numbers, which jumped by 20% in 2023 compared with 2022. Airports are transforming to keep up with this growth. The surface area of industrial buildings in the network has expanded by over 124% since 2020, and these buildings are fully occupied. To meet demand, new buildings are therefore currently under construction.
(1) A strategy to bring production closer to end consumers.
Background
Mexico’s proximity to the US makes it particularly well-positioned to benefit from the current trend of nearshoring(1) industrial activities. The country is wide open to international trade and offers certain advantages, such as qualified staff, competitive wages, reduced costs and shorter distances by way of its geographic location in relation to its North American neighbours.
23 % more freight transported since 2019