Mexican Economy Minister Raquel Buenrostro and U.S. Secretary of Commerce Gina Raimondo on Friday agreed to set out a plan by early 2023 for the relocation of companies from Asia to North America, Mexico’s government said.
On her first visit to Washington since taking office in October, Buenrostro has this week met senior U.S. officials to discuss joint trade concerns, as well as efforts to attract businesses from Asia.
Buenrostro’s ministry said she and Raimondo on Friday talked about boosting supply chains, in particular for printed circuit boards and semiconductors, and agreed on how important energy, food and national security are for economic development.
In a statement, the ministry said the two will work to put forward a joint presentation during the first two months of 2023 for the private sector about the economic and fiscal benefits their countries are offering companies to relocate.
This summer, the U.S. government approved legislation known as the Chips Act that will provide more than $52 billion to boost semiconductor manufacturing capacity in the United States.
On Thursday, Buenrostro discussed efforts to resolve a bilateral spat over Mexico’s energy policies with U.S. Trade Representative Katherine Tai. Tai also stressed the importance of avoiding disruptions in U.S. corn exports to Mexico.