Background on Kingfa and its Significance
Kingfa, a prominent Chinese company specializing in polymer materials and advanced composite solutions, is set to invest $85 million in San Luis Potosí. This substantial investment will bolster the automotive cluster within the Logistik III industrial park, located in Villa de Reyes.
Kingfa’s reputation as a leading global supplier of automotive interior and exterior materials makes this investment particularly noteworthy. The company’s expertise in lightweight composite materials and sustainable solutions positions it as a key player in the automotive industry’s ongoing shift towards eco-friendly and fuel-efficient vehicles.
Governor Ricardo Gallardo Cardona’s Announcement
Governor Ricardo Gallardo Cardona of San Luis Potosí announced the private investment, emphasizing his administration’s strategic efforts to attract capital and create well-paying jobs for the region’s residents.
Under Gallardo Cardona’s leadership, San Luis Potosí has emerged as one of Mexico’s top 10 entities with the most industrial dynamism. The Kingfa investment further solidifies the state’s position as a crucial industrial hub.
Investment Breakdown
- $8 million for purchasing 15 hectares to construct the plant
- $22 million for building the main structure and a modern stereoscopic warehouse in the first phase
- $16 million for additional buildings and a substation to ensure continuous operation of the complex in the second phase
Secretary Salvador González Martínez’s Perspective
Salvador González Martínez, Secretary of Economic Development, outlined the phased plan for Kingfa’s production lines. Initially starting with five lines in 2025, the company aims to gradually increase production to 30 lines by 2027.
This expansion will create up to 500 direct jobs, further establishing San Luis Potosí as a vital industrial center in Mexico.
Key Questions and Answers
- Who is Kingfa? Kingfa is a leading Chinese company specializing in polymer materials and advanced composite solutions, with expertise in lightweight composite materials and sustainable solutions for the automotive industry.
- What is the significance of Kingfa’s investment in San Luis Potosí? The investment will strengthen the automotive cluster within the Logistik III industrial park, creating well-paying jobs and further establishing San Luis Potosí as a crucial industrial hub in Mexico.
- What is the investment breakdown? The investment includes $8 million for land, $22 million for the main structure and warehouse, and $16 million for additional buildings and a substation.
- How will Kingfa’s presence impact employment in San Luis Potosí? Kingfa’s arrival will create up to 500 direct jobs, contributing to the region’s industrial growth and development.
