Capital without capital: nearshoring ignores a CDMX governed by Morena

During 2024, Mexico City reached alarmingly low levels of new foreign investments. Thus revealing a serious flaw in the economic policy of the Morenista governments of Martí Batres and Clara Brugada.

Despite boasting a national record in attracting foreign investment, the real data shows a historic collapse in the capital.

Fudged figures, worrying reality

According to official figures, Mexico City attracted 14,426.5 million dollars in Foreign Direct Investment (FDI). However, only 3.1 million of that amount represents new investments. The rest corresponds to reinvestment of profits and inter-company accounts, which doesn't generate real economic growth or jobs.

To put the severity of the issue into perspective, the fresh capital received is equivalent to what is needed to build just three cheap gas stations in the city.

Not even in the worst moments of the pandemic, when the global economy was paralyzed, were such low figures of new investment recorded in the Mexican capital.

Batres and Brugada fail to attract investment

During the transition between Martí Batres and Clara Brugada, there were no signs of interest in attracting foreign capital. Neither government presented plans for tax incentives, sectoral strategies, or campaigns to attract investors. This lack of interest translates into the collapse of fresh investment, marking a negative record since 2006.

While in previous years, like 2022, up to 7,433 million dollars in new investments were reached, in 2024 the figure was ridiculous. Even in 2020, in the midst of the health crisis, the capital attracted almost 1,500 million in new capital.

The contrast with the supposed current boom makes it clear that nearshoring was not taken advantage of by the local government.

Morena boasts hollow figures

The federal government's triumphalist narrative, hides the real lack of confidence of investors in the Morenista governments.

Mexico City, which has historically led in investment attraction, today becomes an example of how Morena turns opportunities into crises.

A potentially key year to consolidate international projects was lost amid improvisation, economic populism, and disconnection with the business sector. Morena once again demonstrates that wherever it puts its hands, it destroys.