Mexico declares new special economic zones

Mexican President Enrique Peña Nieto has signed decrees for the creation of two new special economic zones (ZEEs), one in the port city of Salina Cruz in Oaxaca state and another one in Progreso port in Yucatán.

These new ZEEs join the ones in Puerto Chiapas in the southern state of Chiapas, Coatzacoalcos in the Gulf state of Veracruz, and Lázaro Cárdenas-La Unión, a port area shared by the Pacific states of Michoacán and Guerrero, three areas for which decrees were signed at the end of September.

"Five special economic zones have been declared to date," Peña Nieto said during the signing ceremony, which took place Monday in Salina Cruz.

"Eventually, we could reach seven [ZEEs], which is what the national government has projected," he said.

According to Peña Nieto, some US$6.2bn in private investment has already been secured for the five first ZEEs. The number is expected to increase to US$36bn over the next 10-15 years.

The president said that the selection of the areas where the ZEEs were created was based on an analysis to identify areas offering significant development opportunities, which to date have been left behind compared to the development experienced in other places throughout the country.

THE NEW ZEES

With the creation of the new economic zone in Salina Cruz and the one that already established in Coatzacoalcos, there will now be ZEEs at both extremes of the country's isthmus corridor - a 300km section of land connecting the Pacific and Atlantic coasts. The government's goal is to develop the area's energy and trade investment potential by taking advantage of its strategic location.

In the case of Progreso port, authorities are aiming to develop the area as a hub for information technology and the high-tech industry.

MORE ZEES EXPECTED

The government's planned list of future ZEEs includes the southeastern states of Tabasco and Campeche. The approval of the areas is already in the works.

Earlier this month, the country's federal authority for the zones (AFDZEE) announced that the central state of Puebla could also join the list.

PICTURED: Mexican President Enrique Peña Nieto attends the signing ceremony. CREDIT: Presidencia de la República.