Mexico has secured a $2 billion investment for the establishment of an active pharmaceutical ingredient (API) plant in the state of Hidalgo, expansion.mx reports.
The project will be spearheaded by the Canadian firm Solar International Core Canada at the Zapotlán Economic Development Hub. As part of the initial phase, the company will allocate $70 million to acquire the land required for construction.
The announcement was made in Toronto during a trade mission led by Secretary of Economy Marcelo Ebrard, who accompanied a delegation of 244 Mexican business leaders. The agreement was formalized through a memorandum of understanding signed by the company's CEO, Babak Arefpour, and Hidalgo’s Secretary of Economic Development, Carlos Henkel.
“We ended the day with a $2 billion investment for Hidalgo. That alone made the entire mission worthwhile,” Ebrard stated during the tour, according to the expansion.mx report.
New Industrial Projects in Other States
The trade mission also yielded progress in several other Mexican states. In Chiapas, the state government signed a letter of intent with INTE Modular to evaluate the creation of a modular housing plant, representing a potential investment of $360 million.
Puebla is looking to attract energy transition technology through a project by Process Research Ortech Inc. The firm will assess the development of a plant to process minerals and materials used in battery manufacturing, with an estimated cost of $380 million.
In Jalisco, preliminary agreements were reached with Sustainable Agave Holdings Ltd. for the installation of an agave processing and pulp production plant, which would involve a $100 million investment.
The tour also included agreements in the educational and cultural sectors. In Toronto, Mexican institutions such as the National Institute of Technology (TecNM) signed agreements with Colleges and Institutes Canada to promote academic exchange.
Finally, in Montreal, the Ministry of Economy and the Morelia International Film Festival reached an agreement with the International Festival of Films on Art to promote audiovisual co-production and professional exchange between the two nations.
