EPN Signs Law for Special Economic Zones in Mexico Anthony Harrup - The Wall Street Journal
go to original June 7, 2016

Mexican President Enrique Peña Nieto signed a law for the creation of special economic zones to attract investment in areas of poor southern states in Mexico. (Reuters)

Mexican President Enrique Peña Nieto signed a new law for the creation of special economic zones that will offer tax breaks together with trade and other benefits to attract investment into areas with undeveloped economic potential in poor southern states of the country.

In an event in the Pacific port city of Lázaro Cárdenas, Mr. Peña Nieto said the government would draw up regulations in the next month and decree the first special economic zones by the end of this year.

The first three are Lázaro Cárdenas, Puerto Chiapas in Mexico’s southernmost state of Chiapas, and the Isthmus of Tehuantepec, joining the Gulf port of Coatzacoalcos with Salinas Cruz on the Pacific Coast. Another zone in the oil-belt states of Tabasco and Campeche, which has been hit hard by the downturn in the oil industry, is planned for 2017.

An anchor tenant, such as an industrial company that can attract suppliers and others, should be in place for each zone in 2018 at the latest, he said.

Mr. Peña Nieto illustrated the regional inequality of Mexico’s $1 trillion economy, where northern and central states have raced ahead of the south.

Read the rest at The Wall Street Journal

Related: President Peña Nietoproposes employment and labor law amendments (ILO)

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