Mexican President Andrés Manuel López Obrador (AMLO) hosted US President Joe Biden and Canadian Prime Minister Justin Trudeau in Mexico City between Jan. 9 and 11 for the North American Leaders’ Summit.
The focus on semiconductors and critical minerals during supply chain discussions emphasized the nearshoring opportunities for Mexico.
Mexico’s strengths in attracting investment for the semiconductor industry are currently limited to the testing and packaging stages of the supply chain.
The main issues on the agenda and the resulting pledges were all on regional supply chains, migration, and security cooperation.
The focus on semiconductors and critical minerals during supply chain discussions emphasized the nearshoring opportunities for Mexico. During the summit, the three countries committed jointly to map critical mineral resources across North America and study the future needs of the advanced manufacturing sector in the region, particularly for semiconductor production.
The countries also announced a forthcoming trilateral semiconductor industry forum during the first half of 2023 to boost investment in the segment within the region. This alignment is likely to boost Mexico’s potential role in nearshoring, benefitting from companies in these sectors relocating their operations closer to the US market.
Source: El Economista