Mexico has been going through a phase of industrial development that has brought great advancements on the manufacturing industry. Recently, the Mexican Institute of Competitiveness (IMCO) revealed the State Competitiveness Index, in which Queretaro was, again, amongst the most outstanding in this category, winning three “gold medals”.
High-specialty education and innovation are some of the state’s strengths
Queretaro is already known for an ever improving industrial development in the electronics industry, in which by 2018 the field grew 60% in a span of 6 years. Furthermore, Queretaro is the state with the most patent requests in Mexico.
One of the main reasons the state earned the recognition on behalf of IMCO is that it has been strongly investing in investigation and industrial development. Queretaro is considered to be one of Mexico’s economic strongholds, as it attracts foreign investment meant for technological development.
Nevertheless, the manufacturing industry is one of Queretaro’s main focus when it comes to industrial development as it is rather important. It plays a major role in the state’s GDP and it can be divided into several categories.
How many types of manufacturing industries are there in Queretaro?
Queretaro’s manufacturing industry is estimated to represent around 30% of the state’s GDP. It can be divided into 2 major groups, which consist of:
- The chemical manufacturing industry. It contributes to around 13% of the state GDP and manufactures products derived from chemicals. These could either be paint, rubber products, or adhesives.
- Industrial machinery and equipment production. It is mostly composed of the production of automotive and aerospace machinery as the state is focused on high specialty education. It is projected that this sector will keep on growing, as it has steadily grown by 4% yearly for the past 20 years.
Nevertheless, Queretaro is the second biggest auto parts exporter in Mexico and it is on its way to becoming the fourth largest auto parts manufacturer in the world this year. It also has an affinity for a high specialty education labor force, mostly specialized in the aerospace industry.
How big is the aerospace industry in Queretaro?
Queretaro’s aerospace industry is fourth place worldwide when it comes to foreign investment. Between 2015 and 2018, the state received $3.467 billion USD in Foreign Direct Investment. Over 1.5 thousand external companies reside in the state.
“Our exports register an average yearly growth rate of 12.%. 99.8% of this belongs to the manufacturing sector. According to INEGI, during 2018 the manufacturing industry registered an increased production value of 5%”. Stated Francisco Domínguez Servién, Governor of Queretaro.
As of 2019, Queretaro started to develop CFM-56 aircraft engines. Nevertheless, these are the engines that power the airplanes owned by Areoméxico and Interjet. Besides, the state is continuing the manufacturing process of the first 100% Mexican aircraft directly from the National Center for Aeronautical Technologies (CENTA).
There is no doubt that this state is a great example of industrial development done right. Whether it being automotive, aerospace, electronics, or technology and innovation in general.
Having a great focus on industrial development is a sign of prosperity. Thus, setting shop in a state that it is awarded by standing out in this area is crucial for a company’s improvement. Here at VYNMSA we would like to assist you in settling in Mexico.
We are one of the leading industrial real estate developers in Mexico.
Contact us and set shop in Mexico with VYNMSA and take advantage of the great industrial development the country is going through.