After being left out for five consecutive years from the list of the most attractive countries in which to invest in the world, Mexico returned this year to the interest of Foreign Direct Investment (FDI). The United States remained in first place for 12 consecutive years, according to the global survey by consulting firm AT Kearney, based in Chicago, Illinois.
“Mexico rejoins the main Index at 21st after a five-year hiatus, perhaps owing to the benefits it is reaping from nearshoring,” said the consultancy in a report, the 2024 FDI Confidence Index.
The list that they have been preparing for 26 years, in first place is the United States, which has remained in first position for the last 12 years. The strength of the US economy is the fastest growing in the G7, and the recovery in consumer confidence likely supported the score, the consultancy reported.
Canada remained in the #2 ranking, a position it has also held for 12 years. China jumped from seventh position to third, which could be partly explained by its easing of capital controls for foreign investors in Shanghai and Beijing in September last year.
Regionally, the Americas have the most countries on the list with nine economies, followed by Asia Pacific with seven countries, the Middle East and Africa with five, and Europe with four. Southeast Asia continues to show its strength, with Thailand, Malaysia, Indonesia and the Philippines among the top 15. Seven of the 25 markets in the Index (Poland, Chile, Romania, Peru, Hungary, Uruguay and Oman) joined the group for the first time, the consulting firm reported.
Data from Mexico's central bank shows that 2023 FDI totaled $36.1 billion, slightly down from $36.3 billion in 2022. The most recent data from the World Bank shows that in 2022 Mexico ranked as the world's #14 economies with a GDP of $1.47 trillion.
In steel production, Mexico is the world's #14 producer, according to the most recent annual data from the World Steel Association.