Global Gurus · 2023-08-18 · 56 min
Richardo Franco Romo, Global Commercial Director of PRODENSA, explains the many advantages of setting up operations in Mexico, a significant investment destination for US and foreign companies due to its strong economy, stable macroeconomic factors and vastly improved infrastructure. In 2023, Mexican exports were $500 billion with 86% coming to the US. Ricardo also shares the many special bonuses that employees receive; issues of corporate governance and taxation; and various HR laws for vacations, maternity/paternity leave, healthcare, among others. As a largely top-down, paternalistic work environment, the family plays a key role in employee retention programs (such as grocery coupons) and bonuses paid for punctuality and transportation. Culturally, the concept of time (“Ahorita”) has multiple meanings and East Asian manufacturers, especially Koreans, face particular challenges. Nevertheless, the workforce is extremely productive; technical talent is abundant and growing; the threats of bribery and extortion are real but less than 2% of GDP; and salaries/wages remain far lower than in Europe, the US or Canada.
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