The highly industrialised state boasts one of the highest standards of living in the nation with a per capita income reaching almost $20,000 (£12,430), roughly double the national average. Additionally, 8 per cent of the country’s GDP comes from Nuevo Leon as well as 11 per cent of Mexico’s jobs.
Rodrigo Medina de la Cruz, Governor of the State of Nuevo Leon, explains the region’s success comes from its ability to adapt quickly to the modern economy, especially in the areas of academia, government and the private sector.
This flexibility has allowed businesses to thrive and attract progressively increasing foreign direct investment (FDI). Mr Medina notes that in Nuevo Leon: “We are a friend to investors.”
This is evident through the accommodations the government makes for foreign companies wanting to set up operations in Nuevo Leon. Mr Medina adds that the state will continue to promote and foster the needs of international companies.
As a result of this economic environment put in place by the government, Nuevo Leon has seen a tremendous rise in FDI. Furthermore, due to the North American Free Trade Agreement (NAFTA), Nuevo Leon’s strategic location bordering the United States makes it an ideal spot for foreign investors. In fact, FDI in Nuevo Leon has now reached $2 billion. Of these investments, 70 per cent will be directed toward expanding existing businesses in the state.
The state’s capital, Monterrey, a modern and highly developed metropolis, is the region’s business hub and headquarters to a significant portion of Nuevo Leon’s businesses.
The country’s second-wealthiest city, Monterrey has a long tradition of entrepreneurship, further helping to create sustainable employment for the nation and attract FDI.
The versatile economy in Monterrey is home to many regionally founded companies such as PEMEX, the state-owned petroleum company; Grupo Maseca, a corn flour and tortilla manufacturer; and Banorte, from the banking industry.
Nuevo Leon is particularly renowned for its flourishing manufacturing sector and its modern infrastructure continues to expand. Equipped with contemporary motorways, trains and an international airport in Monterrey, the state is home to 57 industrial parks as well as an eight-track border crossing.
Furthermore, Latin America’s only biomass electricity plant is located in Nuevo Leon, allowing for a reliable electricity supply in addition to the abundant gas available.
The Mexican state’s capabilities and infrastructure has allowed it to fully promote international business. According to Mexico’s National Institute of Competitiveness, Monterrey ranks number one in the country in terms of being able to economically compete both on a regional and international level.
The fiscal success of Nuevo Leon is further reflected in the education level of the state, with an almost perfect record for its citizens finishing secondary school and a high percentage going on to further education. It also has one of the country’s lowest illiteracy rates, second only to Mexico City.
The region is recognised for having two of the best universities in Latin America: the state capital’s Monterrey Institute of Technology (ITESM), as well as the National Autonomous University of Nuevo Leon, which is the third largest in the country and ranked as one of the top colleges in northeast Mexico.
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