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Mexico is becoming an increasingly attractive destination for inward investment for US firms as the cost of doing business in China continues to rise.
President Barack Obama and his Mexican counterpart Enrique Pena Nieto recently held talks to cement economic relations between the two countries, agreeing to boost trade and create jobs on both sides of the border. The move is in keeping with the general temperament among US firms, which are shunning China for their Latin American neighbour.
Mexico has rejuvenated its economic appeal by providing a market of highly skilled labour that's cost-competitive. As wages in China quadruple, the Mexican labour force is offering a convenient alternative; flat wage increases appeal to businesses which are looking to cut external costs such as time, shipping, and even environmental costs.
Mexico has more international trade deals than any other country, and exports as many goods as the rest of Latin America combined. The fight against crime and corruption has also helped to increase the appeal of the country, it's been achieved through citizen participation; co-ordination between the military; the state and federal government; and by cleaning up the police.
Now, instead of focusing on its image, Mexico’s new president is able to shine a light on the appeal of the economy as a pull factor for business. Last year, for the first time in four decades, about the same number of Mexican migrants returned home as arrived in the US, bringing net migration to zero, according to the Pew Hispanic Center, underlining the strength of the Mexican economy.
For businesses looking to make the move, we have offices located in the US and Mexico where our local teams can help your business seamlessly move across borders. With dedicated accounting, legal and HR and payroll staff globally, we can take care of the details, leaving you free to focus on your global ambitions.