### Investment Announcements in Baja California Surge to $2.245 Billion
Baja California has reached an anticipated Foreign Direct Investment (FDI) figure of $2.245 billion, placing it eighth on the national scale, according to reports from the federal Secretariat of Economy. This projected FDI is expected to create around 4,750 new jobs in the state, accounting for 5% of the job creation nationwide.
The federal report, released on September 29, 2024, highlighted that during the first nine months of this year, there were 209 private sector FDI announcements in Mexico, amounting to a total of $64.703 billion, with an expected job creation of approximately 99,709 positions.
Seventy-five percent of these announcements are concentrated in 15 states, with Querétaro leading at $7.217 billion, followed by Nuevo León at $6.890 billion, and Veracruz at $6.577 billion. Notably, Veracruz’s figures include a $4.6 billion investment from Constellation Brands, originally intended for Mexicali in Baja California but relocated due to public opposition over water scarcity concerns under President Andrés Manuel López Obrador’s administration.
The manufacturing sector attracts the highest investment share, with $36.191 billion, representing 56% of total FDI. This includes significant contributions from the beverage, automotive, auto parts, iron and steel, and aerospace industries. Following manufacturing, the construction sector has garnered $7.463 billion (12%), and commerce has attracted $6.909 billion (11%).
Out of the estimated 99,709 new jobs, nearly half—43,842 positions—are expected to be generated within the automotive industry.
The report also notes that 72% of the total investment amount originated from six of the top ten countries investing in Mexico as of the second quarter of 2024. The United States leads with 46% of FDI, followed by Germany at 11% and Spain at 8%. The report also observes increased interest from China, France, and Brazil, specifically in sectors such as automotive, natural gas, and steel.
### Additional News
**Mexico’s Economic Outlook and Investment Trends**
Recent data shows that Mexico’s economy continues to draw significant international investment, particularly in foundational sectors like manufacturing and automotive. For instance, the arrival of Tesla’s Gigafactory in Nuevo León, announced earlier this year, has already begun to transform the local economy with an estimated $5 billion investment and thousands of high-paying jobs.
Similarly, China’s increasing involvement has seen substantial investments in the automotive and steel sectors, heightening competition but also bolstering technological advancements and local job markets.
A report from the National Institute of Statistics and Geography (INEGI) shows that the economy grew by 2.4% in the last quarter, driven mainly by industrial production and increased consumer spending. The government’s focus on infrastructure development, including rail projects like the Mayan Train and several new airports, is expected to further stimulate economic growth.
Experts suggest that while the global economic environment remains uncertain, Mexico’s strategic investments and expanding sectors present a robust framework for sustained growth, potentially positioning the country as a leading economic player in Latin America.
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