Mexico City.– The president of the American Society of Mexico, Larry Rubin, said that due to the uncertainty generated by the reform package, especially in the judicial branch, American companies have stopped announcing their investments in Mexico and are considering the possibility of moving to Texas.
“Texas as an alternative, because uncertainty is one of the main detractors of investment and right now what has been generated is an uncertainty that the Mexican judicial system will be resistant to political overtones, partisan overtones that it will not be a system where corruption will grow or where the justice system will not have the necessary experience to be equitable,” he explained within the framework of his Third Binational Convention.
Gerónimo Gutiérrez, former Mexican ambassador to the United States, confirmed that the main competitors in attracting investments are within the American nation. “Our main competition for investment is not necessarily other developing countries or intermediate economies, but the United States itself, which is promoting an industrial policy to attract investments,” he said.
Larry Rubin said that political uncertainty in Mexico over the debate on reforms caused US companies to slow down their investment announcements.
“The board of directors of the American Society decided not to announce the investment of the United States in Mexico, precisely because of the current context. We want to make sure that we fully understand the legal certainty that the legislators in Congress are going to promote (the reform to the Judicial Branch),” he explained. Last week, the president of the Association assured that in this meeting, where the participation of President Andrés Manuel López Obrador and the Secretary of Finance, Rogelio Ramírez de la O, was expected, a significant amount of investment from American companies would be announced. “We have repeatedly asked them (the legislators) to include us as the largest investors in the nation and great creators of jobs in this discussion because what we want to do is contribute and assist the investment of the United States to help us have in Mexico the best reform to the judicial branch that exists and also to take into account the importance of the autonomous bodies in the country,” he said. Without giving details, the head of the American Society of Mexico assured that a series of legislators from the country were invited, who declined to attend. Rubin said that they will wait for the final version of the reforms to make decisions and even move the destinations of the resources. “The reality is that some companies have already set plans for what they want to do and it is not that investment is on hold, but the reality is that all investors are very aware of what will happen with the reform, because these decisions are made in the long term and they are made after years of study,” he commented.
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