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Textile firms plan expansion in Mexican state of Yucatan
01
Aug '13
The private sector of the Mexican state of Yucatan has exuded confidence in the region, as 10 corporations, domestic and international, plan to inject resources worth 400.7 million pesos (approx. US$ 32 million), to expand and generate higher productivity and generate 5000 new direct jobs over the next three years.
 
The 10 corporations planning to expand include textiles, aerospace and furniture industries, and these firms would also be eligible for some government incentives. 
 
The president of the Business Coordinating Council (CCE) in Yucatan, Nicolas Madahuar Boehm, said Yucatan has the right conditions to attract investment and that is one of the main reasons the private sector is confident in injecting new capital contributing to stimulate the economy and generate more jobs.
 
The companies selected Yucatan for further investments because of its reputation for security, sound infrastructure and its access to the sea at the nearby port of Progreso.
 
Secretary to the Ministry of Economic Development, David Alpizar Carrillo, said the incentives extended to these firms would be from a fund of 18 million pesos from the Ministry of Economic Development, which will be paid in cash to these companies by way of reimbursement for the investments they make.
 
Some of the textile companies planning to expand are Southeast Twisted Yarns and Fabrics Mayan, Vertical Knits, and Leather Cut and Sew services.
 
Southeast Twisted Yarns and Fabrics Mayan (Mayan Tejidos), a large scale Mexican manufacturer of henequen fabrics, will invest US$ 16 million and plans to raise the number of employees from the present 1,200 to 2000.
 
The 10 companies have already signed and delivered formal letters of intent for investment to the government.
 

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