FEMIA estimates that the aerospace sector will grow 12 percent in 2017 with exports reaching US$8,000 million, according to El Financiero. Exports reached US$7,164 million in 2016. Among the entities that have attracted the most investment in the aerospace sector are Baja California, Chihuahua, Nuevo León, Queretaro and Sonora.
According to Economia Hoy, there are six factors that make Mexico irresistible to the aerospace sector and are helping the industry’s bloom in the country. These are:
– Competitive costs
– Protection of intellectual property
– Proximity to the United States
– Potential for the development of the supply chain
– Advanced training of an opportunity looking workforce
– Opportunities to partner with universities to implement joint education programs
From 1999 to 2017 contributions from US companies accounted for 46.4 percent in foreign direct investment, said Enrique Perret, Director of the North American region at ProMéxico, to Milenio. This has benefited the aerospace sector, which began 10 years ago and moved from 150 companies in that sector to 360.
Opening markets benefits all of them and creates openings for new investments that can provide new jobs. Perret credits the market opening to NAFTA that led trade with the US and Canada to grow by 884 percent.
Sources: FEMIA, El Financiero, Economia Hoy and Milenio.