Why Mexico's got it right.

posted in News and Commentary, The Buzz
by Samantha Craig Vient| October 28th, 2011                   

  Last month I was down in Mazatlan for Mexican Independence Day, which is celebrated in a much similar fashion to our 4th of July holiday with fireworks, patriotic dress, food, music, family and friends. Mexicans are every bit as patriotic if not more than folks from the U.S., and both countries share a strong committment to family and tradition. It is alway such a lovely experience to be a guest in someone else’s country and have the opportunity to participate in their local festivities! The cultural similarities between the U.S. and our friends to the south are too numerous to list here, but make for an easy transition and assimilation.

  It is no secret that I have a deep love for Mexico. In spite of all of the negativity that dominates news about Mexico, the truth is that the country boasts of world class tourism, a growing middle class, a booming economy and a haven for U.S. retirees.

  So today I wanted to focus on Mexico’s economy and it’s middle class, something that is currently shrinking in United States. Just yesterday CNN Expansion published this article focusing on 10 industries where Mexico plays a lead role in the world economy:

• In 2010 Mexico led the world in flat screen TV exports; with Panasonic, Sharp and LG operating plants here.
• Mexico is the largest producer of organic coffee in the world.
• In 2010, Mexico rose to the third largest global producer and exporter of smart phones, only behind China and South Korea.
• Silver bug, Mexico is the principal producer and exporter of the world’s silver; it is 9th in the world for gold.
• The second largest capacity for wind produced energy in Latin America.
• Mexico is world’s principal recipient of investment for the manufacturing of aerospace technology.
• Mexico is the world’s fourth largest producer of products that access radio frequency, it is estimated that the country’s IT sector will grow by 16% by the end of 2011.
• In 2010, auto manufacturing and exports witnessed a 50% growth; the country occupies the 10th and 6th places in the world respectively.
• Mexico is the lead provider of auto parts in all of North America, with important export markets additionally in Japan and Europe.
• Mexico is an important world player in exports of medical equipment, claiming the spot as the second largest market in Latin America.

  So what is Mexico doing right that the the United States could learn from? Investing in it’s manufacturing sector and high skilled labor, which in turn creates a stable job market and grows the middle class. This new middle class in Mexico for the first time can access credit to buy their first home, can invest in their children’s education and can participate in Mexico’s excellent health care system through social security or private providers.

  Many Baby Boomers and even young American professionals are moving to Mexico to take advantage of a higher quality of life and growing opportunities, especially when the US economy is contracting, US pension benefits are shrinking, and medical costs are out of control.

  Americans should give Mexico another, deeper look, preferably with a margarita in hand.

Happy Friday!