Introduction
The article discusses whether Mexico’s development, particularly in technology, is a matter of ambition under President Claudia Sheinbaum’s leadership. The author believes that Sheinbaum genuinely strives to develop the country, including fostering homegrown technology to avoid being overshadowed by global powers.
Challenges Faced by Sheinbaum
On February 4, an event at the National Museum of Anthropology highlighted Sheinbaum’s struggle to assemble a competent team and navigate diverse responsibilities. These include addressing concerns from San Quintín legislators and engaging with influential figures like President Donald Trump.
The Need for Homegrown Technology
Sheinbaum’s pledge to transform Mexico into a “scientific power” hinges on projects like Kutsari, which aims to produce national semiconductors for data centers. The analogy of foreign control over Mexico’s infrastructure underscores the importance of this endeavor.
Nafin’s Announcements
During the event, Nafin (National Finance Company) announced credit provisions for priority sectors and additional support for women entrepreneurs, exporters, and microenterprises. Roberto Lazzeri also unveiled a capital risk fund of approximately 90 million USD, intended to back businesses creating new medicines, banking methods, and aircraft.
Contextualizing Nafin’s Investment
While these investments are commendable, they represent a mere 0.005294% of Mexico’s GDP, contrasting sharply with China’s 0.7% investment in a comparable project last year. Furthermore, private venture capital investments in Mexico are projected to reach 729 million USD by 2025, which is still insufficient when compared to global standards.
Declining Investment Trends
Mexico’s investment-to-GDP ratio has dwindled, with the INEGI reporting a nearly 6% drop in fixed capital formation last year. The private sector’s reluctance to invest, coupled with risk aversion among policymakers, has hampered progress.
Initiatives for Future Growth
Despite these challenges, the formation of an all-female Council for Investment Promotion signifies a step towards mobilizing investments. However, the author emphasizes that both ambitious plans and substantial funding are necessary to propel Mexico’s development.
