Mexico has offered incentives to Chinese firms for investing in the new energy industry (NEV) during a Sino-Mexican Business Cooperation Meeting in Beijing. The meeting aimed to strengthen the bilateral relationship between Mexico and China, with representatives from the Sustainable Development Committee of Sonora, Mexico, and the Mexican Embassy in China. The Mexican federal government will provide up to 3-6 years of investment tax exemption to investors, while the state government could provide 10 years of salary tax exemption after individual consideration.
Mexico is Mexico's second-largest trading partner in the world, and China is at the forefront of renewable energy development, particularly in NEVs, energy storage, and batteries. Mexico hopes to further strengthen collaborations in these fields by welcoming Chinese enterprises to invest and construct factories in Mexico. The governor of Sonora state will visit China later this month to discuss related issues. The North American government has cancelled nine lithium mine concessions related to the Sonora lithium project, and it is unclear whether these changes may lead to asset impairment losses or other negative impacts.