This week we talk to two key people promoting US-Mexico ties and investment in Mexico. Enrique Perret runs the US-Mexico Foundation, which is hosting this week's North Capital Forum in Mexico City. He talks about North American convergence and why booming exports to the US and continued growth in nearshoring alone are not enough to solve Mexico's economic challenges. Véronique Billia runs AMEXCAP, the Mexican private capital association, and helped organize Mexico Investment Week in New York earlier this month. She was encouraged by the interest in Mexico and the new faces who turned up, but is candid in acknowledging what needs to be done to get more private capital flowing into Mexico.
Also this week:
Demographic shock: INEGI shows fertility has fallen to 1.2 children per woman, below the United States. In Mexico City it's 0.8, not far above South Korea. The median age rose three years in just five. We ask what this means for growth, pensions and the workforce.
JD Sports/Axo bet: the British sneaker and sports chain is entering Mexico through a franchise with Grupo Axo, turning more than 140 existing stores into JD shops from 2027. With running shoes taking over from retro basketball styles, and Nike and Adidas under pressure, can JD crack the Mexican market?
Korea in Mexico: Lee Jae-myung makes the first state visit by a South Korean president in 16 years, with the heads of SK, LG and LS in tow. Korea sells Mexico chips and machinery, buys its metals, and has built a large trade surplus. A Korea-Mexico free trade deal makes sense, but first Mexico needs to get the USMCA over the line.
The Trump diesel threat: Washington floats a ban on US diesel exports as prices soar ahead of the midterms. Mexico still imports a big share of its diesel from the US, and Hacienda is spending billions of pesos a week to hold pump prices down. Was AMLO right to build Dos Bocas after all? (Spoiler alert -No).
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