Tax incentives for the new industrial policy are still under discussion, said Gabriel Yorio González, undersecretary of finance and public credit (SHCP).
The Ministry of Economy asked us to prepare a program, a proposal, which was not included in the 2023 Economic Package because it is still under discussion,” said the official during the “Heading to an Industrial Policy” event.
Previously, Tatiana Clouthier, head of Economy and who led the event, declared that the new industrial policy in Mexico would have to be accompanied by fiscal incentives.
“We are waiting for the Ministry of Finance to give us the flag to say how it entered, in the legislative proposal, in order to have some accelerators of the economy linked to industrial policy (…) we propose that an industrial policy should be accompanied by some accelerators”, Clouthier declared to the media in recent days, prior to the delivery of the Economic Package.
Yorio González pointed out that tax incentives will be focused on trying to generate or increase the profitability of investments, provided that they are made in a strategic sector identified by industrial policy.
Likewise, he added, those investments made in research and development, as well as in the development of talents.
Regarding the new industrial policy that is intended to be promoted in the country, after years of not updating it, Yorio González assured that it is being carried out at an opportune moment.
“Having an industrial policy is an opportune moment and Mexico, at this moment, has an enormous economic export potential that increases with the opportunities of relocating companies and that, without a doubt, will be strengthened with the new policy presented by the Ministry of Economy”.
In this sense, the undersecretary of Finance assured that the relocation of companies is a reality in Mexico.
This year, one of the government’s big bets is the relocation of companies, called nearshoring, to boost the economy and its recovery after the Covid-19 crisis.
This occurs in a context where companies want to take advantage of the search to locate their businesses in new places, after the pandemic and conflicts such as the one in Ukraine and Russia affected their operations.
Therefore, the Ministry of Finance has created strategies and incentives for those companies that want to enter the country, mainly in the southern region of the Republic.
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