Mexico innovation opportunities

Opportunities and tips for innovation and doing business Mexico

• Mexico is the second largest economy in Latin America and the 14th in the world. Due to growth of income, domestic consumption is increasing, while 12 signed free trade agreements facilitate international trade. Consider production and trade within and outside Mexico. 
• The IT sector in Mexico is rapidly developing, but this requires investments in construction of data centres, infrastructure, R&D for hardware and software. It is a good time to enter this sector and to offer novel technological solutions!
• The oil sector is one of major contributors to economic growth, as it accounts for 40% of total government revenues. Foreign investors show significant interest in this sector, however, currently the oil sector lacks technological capabilities to improve productivity and to get to the deep-water fields. 
• Mexico has 85 mln. internet users and 86.3 mln. smartphone users. E-commerce, digital marketing and social media sectors are rapidly growing in the country.
• The electronics industry is expanding in Mexico, due to development of telecommunication technologies. The country has a large, young population of engineers and technology designers, and a good supply chain network in the electronic industry. Consider development of electronic products.
• The aerospace industry is one of the biggest in Mexico. Companies that are involved in assembly, maintenance, repair and operations services for aircraft fleets, as well as, those in metallurgy, machining and surface treatment industries might find large opportunities in Mexico.
• Online shopping is becoming popular in Mexico, hence, e-commerce, particularly the sale of edible goods, is growing. Local companies are searching for ways to innovate the payment system and to make good deals with transport companies.
• Mexico has more trade agreements than any country in the world, therefore it is a good place for international trade and for transit of goods. In addition, the presence of special economic zones and lower labour costs than in other North American countries increase Mexico’s attractiveness in terms of production location.
• The automotive sector in Mexico is the 7th largest in the world. However, a large number of products and parts for automotive vehicles are being imported from the US and China. In light of growing domestic demand, consider production of vehicle parts and investment in the sector.
• Mexico has a large agricultural sector, however, it lacks modern farming machinery and irrigation systems. The demand for dairy products exceeds local production, therefore dairy producing and trading companies might find the Mexican market very profitable.