One of the biggest topics for Mexican bankers in recent years has been the opportunities that nearshoring will generate. Specifically, this means the potential for foreign direct investment into Mexico from (mainly) Chinese companies that are seeking new trading routes into the US due to tariffs – and the threat of new and heavier tariff rates – on Chinese imports.
However, given Mexico’s longstanding export-based economic model, identifying growth that is a direct consequence of the nearshoring trend is often difficult. No wonder hundreds of articles discuss the topic in generalities – and try to identify upticks in FDI rates, long-term GDP expansion, and export shares to the US.
A simpler approach is to look for individual cases. And, yes, these are therefore by definition anecdotal, but they are nonetheless illuminating. One such case study is HSBC Mexico’s client Grupo Tire Direct, which is a powerful example of how banks operating in the country first win clients, help them to grow and – in today’s nearshoring environment – help them to capture Chinese interest to change-up their growth trajectory.
“We have had a long-term relationship with HSBC – we have been working with them for about 15 years,” Adriana Santamarina, CFO, co-founder and co-owner of Grupo Tire Direct tells Euromoney.
