By Ann All
For many residents of Mexico, it rankled when Latin America got only a passing mention in a debate on foreign policy held shortly before the 2012 U.S. presidential race. It was Republican candidate Mitt Romney, not eventual winner President Barack Obama, who brought up Latin America, saying the region offered a “huge opportunity” for the U.S.
Mexico Set to Lift Ban on Land Purchases by Foreigners
April 29th, 2013By Narayan Ammachchi
Mexican lawmakers seem set to lift a longstanding ban on foreigners directly purchasing real estate in the coastal and border regions of the country. The country’s legislative body in Mexico City last week voted in favor of lifting the ban. However, the amendment bill needs to be passed through the Senate to become law.
Many attempts have been made in the eliminate the ban, but the Senate has thwarted previous attempts. But this time, analysts say, the Senate will certainly approve the proposal because it has been put forward by one of the country’s most influential politicians Manlio Fabio Beltrones, a deputy of the ruling Institutional Revolutionary Party (PRI).
Despite the ban, many foreigners have already purchased lands in these areas of Mexico having formed bank trusts. If the ban is lifted, foreigners will be able to have full rights to purchase property along the …
By Narayan Ammachchi
U.S. online bank PayPal has teamed up with a Latin American payment network to launch a unique payment service called ‘Retiros Multicaja’ in Chile.
PayPal’s partner Multicaja is also a financial services provider, serving more than 50,000 merchants in Chile. “For over two years now, we’ve been growing our footprint in Latin America by opening up local offices in Mexico and Brazil, and by entering into innovative partnerships in countries like Costa Rica,” stated Mario Mello, General Manager, PayPal Latin America, in a press release.
Mello said PayPal can boost the eCommerce industry in Latin America, helping the region widen its participation in global commerce.
The new service will allow Chilean businesspeople to withdraw funds directly from their local bank accounts. With more than 10 million Internet users, Latin America has tremendous potential to become a lucrative eCommerce market, PayPal said.
“We are confident that this important relationship will help …
President Obama Schedules Visits to Mexico and Costa Rica
March 28th, 2013By Narayan Ammachchi
President Obama is set to visit Mexico and Costa Rica in the first week of May to strengthen economic ties.
“This trip is an important opportunity to reinforce the deep cultural, familial, and economic ties that so many Americans share with Mexico and Central America,” states the press release from the White House.
Obama will meet his Mexican counterpart President Peña Nieto and discuss ways to deepen the economic and commercial partnerships with the two countries. In Costa Rica, the President is slated to meet with President Laura Chinchilla, as well as heads of state of the other Central American countries and the Dominican Republic.
“The trip will be an important chance to discuss our collective efforts to promote economic growth and development in Central America and our ongoing collaboration on citizen security,” stated the White House.
IBM Opens Seventh Office in Mexico, By Targeting the Yucatan
March 27th, 2013By Narayan Ammachchi
IBM has opened one more office in Mexico as the U.S. technology giant intensifies its efforts to tap into a growing demand for intelligent solutions in the Mexican corporate sector.
The new office crops up in Mérida, the largest population center in the Mexico’s Southeastern region. Banorte-Ixe, Mexico’s third largest bank, has recently signed a ten-year US$1billion contract with IBM Global Business Services.
Located in the center of Yucatán metropolitan zone, the Mérida office represents an investment of approximately US$ 4 million and becomes IBM’s seventh office in the country after those in Mexico City, Guadalajara, Monterrey, Querétaro, Toluca and Puebla.
IBM says it will use the new office for selling technology solutions in the areas of cloud computing, business analytics, mobile and social computing.
“With the opening of the Mérida office, IBM reaffirms its long-term commitment to a growing number of clients and business partners who will …
Twenty Years Later: Accounting for NAFTA’s Wins and Losses
March 25th, 2013By Timothy Wilson
The North America Free Trade Agreement (NAFTA) between Mexico, the United States and Canada, just entered its 20th year. In that time investments in information and computing technology (ICT) have certainly increased in Mexico – as they have everywhere in the world. Tracking specific investments to NAFTA is more art than science, though it is true that the shift from being a distribution economy, in which global ICT firms simply set up franchise shops, to one where real investment and development takes place, can likely be attributed to the trade deal.
Querétaro Sees Record Growth in Foreign Investment
March 18th, 2013BY STAFF REPORT
The Mexican state of Querétaro saw a record 120 percent rise in foreign direct investment (FDI) in the first eight months of 2012, according to a report from the intelligence unit of British business daily, Financial Times.
Capital spending and employment growth also improved considerably during this period, making the state one of the key engines of the Mexican economy, the report added. In addition, the number of foreign investment projects doubled to 11 from five in the first half of 2011.
Aguascalientes, a state in North-Central Mexico, also experienced significant growth in foreign investment projects, according to the report.
Mexico is not the only country that saw significant improvement in FDI, Caribbean countries like Cayman Islands, Guyana and Trinidad and Tobago recorded nearly 300 percent growth in foreign investment.
While FDI grew 200 percent in Bermuda, LATAM countries including Bolivia, Nicaragua and Paraguay recorded 50 percent growth …
IBM Wins $1 Billion Contract with Mexico’s Grupo Financiero Banorte
March 13th, 2013By Luke Bujarski
Banorte-Ixe, Mexico’s third largest bank has signed a ten-year, US$1billion contract with IBM Global Business Services, encompassing a total overhaul of its customer facing and back end systems. “This is unlike any partnership that exists in Latin America’s financial services industry today,” explained Rafael Arana de la Garza, General Director of Planning and Finance of Banorte, in an interview with Nearshore Americas.
By Narayan Ammachchi
Latin America again has demonstrated why it is a region to be reckoned with. The 2013 World Bank’s ‘Doing Business’ report, released last night, shows that meaningful political and economic reforms have made a remarkable difference in how well the countries are positioned to attract investments. A total of five countries rose in the ranking, with particular praise going toward Colombia, Costa Rica and Chile.
Bain Capital to Acquire Atento, One of Biggest Names in Latin America Outsourcing
October 17th, 2012BY STAFF REPORT
Cash-strapped Spanish telecom giant Telefonica has sold its Atento call center business to the US private equity firm Bain Capital for $1.3 billion. Atento is easily one of the most recognized names is Spanish-language call center operations in the Americas region. (One of our reports a few years ago focused on Atento’s operations in Venenzuela.)
Despite the sale, Atento will continue to provide services to Telefonica for nine more years to come. Bain, co-founded by US presidential candidate Mitt Romney, already owns Japan’s biggest call centre operator, Bellsystems24.
According to the Irish Times, several Spanish, Mexican and Brazilian banks have backed Bain’s acquisition of the Telefonica’s call center.
“Bain, which has recently invested in Genpact, the world’s largest business processing outsourcer, is interested in Atento’s strong presence in Latin America, and will look to expand its client base,” said the Irish paper. Atento employs tens of …
