| | |  Business News | May 2009 
Mexico Sees Foreign Investment Down 17 Percent
 Robin Emmott & Armando Tovar - Reuters
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Mexico City - Foreign direct investment in Mexico is likely to fall by 16.67 percent to around $15 billion this year compared with 2008 as the United States suffers its worst downturn in decades, the government said this week.
Foreign companies, mainly from the United States but also Canada, Britain and Spain, invested $18.6 billion in Mexico last year compared with $27.1 billion in 2007, the second-highest level recorded, an Economy Ministry spokeswoman said.
The deep recession in the United States has forced many companies, from carmakers to pharmaceutical firms, to slow down or close Mexican factories that export north of the border.
About 80 percent of Mexican exports are U.S.-bound and Mexico is in its worst recession since the 1990s Tequila crisis.
The outbreak of a new flu virus in Mexico and a brief shutdown of the economy this month to stop contagion is likely to mean lost exports of up to $2 billion, cutting total exports in 2009 by 0.6 percent versus last year, the ministry said.
(Editing by Gary Hill) |
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