Gerson Garduño Chavero, executive director of the Singapore Mexico Chamber of Commerce (SGMXCHAM), projects that investment in that country will double in the coming years, as there is high interest in building factories and production lines for advanced manufacturing, medical devices, innovation, technology and digital transformation.
“In 2024, Singapore’s foreign direct investment in Mexico was $2 billion, but if some projects are completed it could easily double in the coming years,” said the business representative.
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He declared that the private initiative and the governments of Singapore and Mexico are promoting the arrival of investment from six companies to the country, and that if all the projects are completed, more than 4,000 million dollars would reach.
He commented that Singapore companies are exploring opportunities in the advanced manufacturing industry in Mexico, which has a strategic position and proximity to the North American market.
“Mexico is a very attractive country for Singapore investors, who are looking to develop new businesses in North and South America,” he said.
When Singaporean investors look to Mexico to invest, they always see “the risks reported in all countries, such as the availability of energy and water, not that it is a problem.”
Singapore businessmen ask to ensure the supply of energy and water where they would build a production line or factory so that their investment bet is safe, he recalled.
At least nine companies created in Singapore and with operations in the Mexican market had business agendas with Mexican companies to explore more investment and trade opportunities, he said.
The organization brought together Singapore companies with business chambers and associations and with state Economic Development Secretariats.
“The 15 companies, which operate and participate in Mexico and other new ones, are exploring investments in logistics sectors, advanced manufacturing, e-commerce, medical devices, digital transformation, investment funds, fintech, as well as in innovation and technology,” he said.
“The opening of the Singapore embassy in Mexico maintains good diplomatic relations, as well as increases the number of Singaporean investments in Mexico,” he said.
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Trade between both countries has increased 70% in a single year, according to figures from the Singapore Ministry of Commerce and Industry.
In 2019, bilateral trade was 3.5 billion dollars and in 2024 it was 12.5 billion dollars, according to Gerson Garduño Chavero.
