LatinNews Daily - 23 May 2023

* The governor of Mexico’s Nuevo León state, Samuel García, has announced that the Taiwanese electronics manufacturer Quanta Computer, which is known for manufacturing parts for Tesla vehicles, plans to invest US$1bn in expanding its operations in the state. García said that this investment would create 2,500 jobs in Nuevo León, as well as supporting the development of infrastructure in the state. He said that the ongoing US-China tensions had led large companies to look elsewhere for their investments, which he said has hugely benefited Mexico and Nuevo León economically, as companies are beginning to focus their operations in the northern state as a way of cutting supply chain costs to North America, a practice known as ‘nearshoring’. García made the announcement during a visit to Taiwan’s capital, Taipei, where he also met representatives from Foxconn, another Taiwanese electronics company known for manufacturing products for US technology firm, Apple. García tweeted that Nuevo León would welcome Foxconn at an upcoming electric transportation conference in the state from 6-7 June and that a big announcement would be made soon, implying a deal between the company and the state government is in the works.

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