The Valley of Mindfacture
After the Covid-19 pandemic, the economy has shown signs of recovery in different magnitudes for each state and activity, however, some sectors or regions can be highlighted because they’ve been more favored due to their nature and dynamism.
Such is the case of Guanajuato, which has lately been projecting a good investment atmosphere, announcing various businesses and promoting the strengthening of industry 4.0 and its innovation ecosystem called The Valley of Mindfacture (Valle de la Mentefactura).
The Valley of Mindfacture is a public policy that was launched in the middle of last year, seeking to position Guanajuato as the national center of innovation and entrepreneurship. It includes 37 industrial parks, 8 Innovation parks, educational institutions, startups, incubators, business accelerators and research centers; in addition, the Valley has the most dynamic automotive cluster in Latin America and more than 500 international companies that come from Japan, France, Germany, Italy and the United States.
The governor of Guanajuato, Diego Sinhue Rodríguez, recently revealed that they will mass-produce the “Halcón II”, the first plane made in Mexico, and that they use nanotechnology for the vehicles of the Spanish company Novatec and for organic cosmetics manufactured by Koné Care.
During the current administration, investments of more than 3.2 billion dollars have been made by national and international companies, of which at least 500 million dollars correspond to reinvestments, that is, expansion projects of companies already installed; such as Michelin’s investments of 400 million dollars to expand its plant and Pirelli’s of 15 million dollars to install a research center for advanced technology and digitalization.
Likewise, the Austrian company ZKW announced an investment of 100 million dollars and a much higher flow of FDI is estimated because there are also other companies that will come to the state such as Nestlé and other German and Italian companies with which investments of 4 thousand 40 million dollars were accorded during the government tour in Europe.
In general, after a though year due to the pandemic, the economy of Guanajuato showed a highly significant rebound for 2021:
- Guanajuato is the sixth largest economy in Mexico, exceeding 44 billion dollars. In 2020, it contributed 4.3% of the country’s GDP.
- It is the 4th state with the largest manufacturing base in the country, in 2021 it participated with 9.5% of the production value. Comparing the first two months of 2021 with that of 2022, an increase of 11% can be appreciated.
- As of 2020, it had 47 industrial parks (plus 3 under construction), and 3 micro-parks.
- There are 10 industrial clusters integrated by more than 3,200 companies.
- It is the first place in exports as a non-border state, in 2021 a great record was achieved: 26 thousand 951 million dollars.
- It went from fourth to first national place in food exports from 2019 to date.
- It contributed 5.4% of the value of national agricultural production (72,360 million pesos), ranking 6th among the entities.
Foreign Direct Investment
- It registered a FDI flow of 1,744.7 million dollars, more than 8 times the amount of 2020, comprising 5.5% of the total flows received by Mexico and positioning itself as the 6th entity with the highest participation.
- 305 foreign companies presented FDI flows, ranking 8th nationally in this aspect.
- 1% of FDI was in the form of new investments, 25.5% as reinvestments of profits and 44.4% were accounts between companies.
- The countries that invested the most in Guanajuato were Japan (36.9% of FDI received), the US (25.1%), Spain (12.8%), Germany (8.5%) and France (7.7%).
- The sectors in which the most investment was made were in Manufacturing Industries (concentrating 82.4% of FDI), Financial Services and Insurance (7.4%) and Commerce (5.6%).
- Specifically, the main Manufacturing Industries were the Fabrication of transportation equipment (60.7% of total FDI was allocated), the Plastic and Rubber Industry (9.9%) and the Chemical Industry (4.2%).
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