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On May 3, 2019, Mexican President Andrés Manuel Lopéz Obrador (AMLO) announced that the Ministry of Foreign Affairs would head economic promotion and investment attraction activities - transferring what was ProMexico’s duties to the country’s consular and embassy networks.
Key Points
On August 3, 2021, the Mexican Ministry of Foreign Affairs (“SRE” by its acronym in Spanish) and the United Nations Development Programme (UNDP) launched the "Global Economic Impulse Project".
The Global Economic Impulse Project will be headed by the SRE under a new area called the General Directorate of Global Economic Impulse (“DGIEG” by its acronyms in Spanish). The DGIEG will be headed by Iker Jiménez, with support from the UNDP.
The Project is meant to attract and promote international economic development and foreign investments, while serving as a liaison to related national and international agencies and trade missions.
General Information
On May 3, 2019, Mexican President Andrés Manuel Lopéz Obrador (AMLO) announced that the Ministry of Foreign Affairs would head economic promotion and investment attraction activities - transferring what was ProMexico’s duties to the country’s consular and embassy networks. On June 14, 2021, the SRE created the DGIEG in lieu of ProMexico. Finally, on August 3, 2021, the DGIEG, SRE, UNDP, and Mexico’s Ministry of Economy (SE by its acronyms in Spanish) launched the "Global Economic Impulse Project (DGIEG)".
The main objectives and activities of this new organization include:
Economic Diplomacy: through a platform of more than 160 representations abroad as a first contact with many companies and governments.
Investment Attraction: through the presentation of economic benefits and partnerships with private sector actors.
Market Diversification: supporting SME companies so they have more opportunities to grow in Mexico.
Bilateral Economic Relations: follow up on trade agreements and strategic projects with the SE.
Strategic Projects: collaborate in areas such as energy, urban planning, the Tren Maya, and Tehuantepec Trans-isthmus Rail Corridor.
Institutional Relations: maintain relationships with domestic and international private and public sector actors.
Additionally, the Mexican government emphasized that the DGIEG is committed to achieving the United Nations’ Sustainable Development Goals (SDGs) through the following programs: Vaccine and Health Care Providers, along with the SRE provide by using diplomatic channels vaccines against COVID-19; Prosperity Atlas, maintain an index of data about social status, capital status, economic growth, and many other indicators to show the progress of mexican business and society; Council of California, build on the USMCA’s proposals to establish a systematic dialogue mechanism with the American business community; 8 of 8, connect 4 U.S. cities with 8 Mexican States according to their main productive industries and establish a channel of cooperation; Strategic focus plan for Europe; which aims to promote European investments and integration into Mexican public and private projects on diverse matters; Promote the current administration priority projects, which involves the Tren Maya, and Tehauntepec Trans-Isthmus Rail Corridor; Strategic focus plan for Asia in terms of investments and trade, as the name suggests, this plan will define a strategic plan for investments and trade between Mexico and Asia, growing the political and economical relationship between both sectors.
Moving Forward
The COVID-19 pandemic has dramatically impacted global trade and economic activities, disrupting supply chains and testing countries' political and social resilience. This heightens the importance for governments across the world to strengthen their internal efforts to engage multilateral institutions in more orderly and structured mechanisms in order to impact the global agenda.
Mexico has accomplished an important first step in establishing a coordinated strategy to link the country’s diplomatic, international business, and adherence to the UN 2030 agenda, with the launch of the Global Economic Impulse Project.
Through the support of public and private organizations, the DGIEG shows that it is committed to collaborating with key actors to drive economic recovery, growth, and competitiveness in Mexico. It is worthwhile for international companies or organizations to take advantage of these new resources as a key element within their strategies to establish or expand operations within Mexico.