$1.5bn investment in farming this yearBy Elliot Bullman
Industry association aims to maintain double-digit growth through Asian expansion
Agriculturalfirms are set to invest US $1.5 billion this year in modernization and development, according tothe presidentof the National Agricultural Council(CNA).
In an interview with the newspaper Milenio, Bosco de la Vega Valladolid saidthe investment would focus on boosting protected farming, such as greenhouses, pressurized irrigation systems, revamping of storage facilities and logistics and certification strategies.
De la Vega said the boom being experienced by the industry, with exports worth almost US $30 billion ayear, has attracted entrepreneurs from other industries who are eager to capitalise on it.
Commenting on international trade issues, he saidit wasmore important than ever to completea healthy renegotiation of NAFTA, given the failure ofthe Trans-Pacific Partnership Agreement.
The CNA presidentstressed that Mexico must diversify its exports toward the Asian market. A nation such asSouth Korea, for example, imports $29 billion worth of produce, of which only $900 million comes fromMexico.
He believes that figure could easily be doubled in a couple of years, with an adequate strategy, fewertariffs or even by signing a free trade agreement with that nation.
- Theatrical producer hires Mexican deportees
- Mexico and Denmark sign Joint Commerce Declaration
- Mexican tech unicorns inspire the creation of startups
- Mexico and Japan use technology to measure seismic breach of Guerrero
- Mexico, US and Canada set to submit joint bid to host 2026 World Cup
- Mexican Auto Industry Sets Export Records in March
- Chinese automaker eyes plants in two Mexican states
- E-commerce doubles in Mexico in one year: IAB
- France Sees Opportunity for Business Expansion in Mexico
- Mexico says new EU trade deal is 'paramount'
- Banxico increases interest rate to 6.50%
- Mexico achieves February trade surplus