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Viewing cable 08MEXICO790, TOTAL 2008 FDI IN MEXICO MEETS PREDICTIONS

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Reference ID Created Released Classification Origin
08MEXICO790 2008-03-18 19:52 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Mexico
VZCZCXRO8560
RR RUEHCD RUEHGD RUEHHO RUEHMC RUEHNG RUEHNL RUEHRD RUEHRS RUEHTM
DE RUEHME #0790 0781952
ZNR UUUUU ZZH
R 181952Z MAR 08
FM AMEMBASSY MEXICO
TO RUEHC/SECSTATE WASHDC 0969
INFO RUEHXC/ALL US CONSULATES IN MEXICO COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS MEXICO 000790 
 
SIPDIS 
 
SIPDIS, SENSITIVE 
 
STATE FOR WHA/MEX AND EB/IFD/OIA 
STATE PLEASE PASS TO USTR (EINSSENSTATE/MELLE) 
USDOC FOR 4320/ITA/MAC/WH/ONAFTA/GERI WORD 
TREASURY FOR IA (ALICE FAIBISHENKO, ANNA JEWEL) 
 
E.O. 12958: N/A 
TAGS: EINV ECON PGOV MX
SUBJECT: TOTAL 2008 FDI IN MEXICO MEETS PREDICTIONS 
 
REF: MEXICO 142 
 
1. Summary: Bancomext, the Mexican export finance organization, and 
the Secretariat of Economy have released total 2007 inward foreign 
direct investment (FDI) flows.  As predicted, total FDI was USD 23.2 
Billion.  First time direct investments continued to make up the 
bulk of FDI inflows.  The financial sector increased its share 
investment while the manufacturing industry's share decreased. The 
United States is still the primary investor but its overall share 
decreased in favor of EU countries. End Summary 
 
2007 Round Up 
------------- 
 
2. For the 2007 calendar year, FDI equaled USD 23.2 billion, an 
increase of 22.7% over 2006 (USD 18.9 billion).  Of this amount, 
43.5% (USD 10.1 billion) went towards new investments, 17.7% (USD 
4.1 billion) towards reinvestment, and 38.8% (USD 9 billion) towards 
transfers between company accounts.  New investments, 34.8% larger 
than last year, accounted for the majority of the increase. 
According to Gregorio Canales Ramirez, Director General for Foreign 
Direct Investment at the Secretariat of Economy, this year's figures 
are especially significant as they are not the result of large 
acquisitions. 
 
3. The manufacturing sector suffered last year likely due to the 
U.S. deceleration and concerns about the IETU tax.  The industry saw 
growth of only 9% and its share of FDI inflows drop from 61.3% in 
2006 to 49.7% in 2007.  The financial services sector, conversely, 
grew by 112% and accounted for 24.3% of inflows in 2007, compared to 
its 15.4% share in 2006. 
 
4.  The U.S. was the source country for 47.3% of FDI inflows, only 
the second time since NAFTA that the U.S. has accounted for less 
than half of FDI to Mexico. The Netherlands accounted for 15.1%, 
Spain for 9.6 percent and France for 7.2%.  In total, European Union 
(EU) countries accounted for 40% of FDI in 2007, compared to only 
36% in 2006.  Total EU investment increased by 25% over last year. 
 
Changes Needed to Investment Law; NAFTA Good for FDI 
--------------------------------------------- ------- 
 
5.  Secretary of Economy Sojo used the press conference announcing 
the 2007 figures to highlight the need for substantive changes to 
the investment law. He said that in order to increase FDI in future 
years, the legislature will need to amend the law to allow for 
investment in fixed telephony, LP gas, energy, and education. 
 
6.  He also linked FDI increases to NAFTA.  He said that, before 
NAFTA, Mexico's yearly FDI inflow was only USD 3.7 billion.  He 
called on farmers' groups to meet with the government discuss ways 
to increase their competitiveness now that agriculture markets are 
open under NAFTA.. 
 
Conclusion 
---------- 
 
7. Mexico's ability to increase FDI from non-U.S. sources will be 
essential to its weathering a U.S. slowdown.  The Calderon 
Administration is quite aware of this and has increased its outreach 
dramatically.  ProMexico (the government's investment and export 
promotion organization) in particular has sponsored shows on Mexican 
investment opportunities in England, Spain, Italy, Brazil, China, 
France, and Denmark.  If Mexico is in fact able to maintain and/or 
increase FDI growth from non-U.S. countries it will be better able 
to north of the border. 
 
GARZA