Mexico moved up to fourth place on A.T. Kearney's Global Services Location Index, securing its highest position since the creation of GSLI. While offshoring powerhouses like India and China remain in the top positions, Mexico is progressing quickly. The country precedes Brazil as the No. 1 ranked country in Latin America, largely thanks to its proximity to the United States and abundance of free trade agreements.
The Global Services Location Index is an annual report that analyzes executive surveys alongside five years of client engagement learnings and data. The top 50 countries in the world are then ranked based on financial attractiveness, human capital and the country's business environment. Mexico was ranked at No. 6 just three years ago, illustrating the country's recent recognition as an expanding global market.
As nearshoring becomes more and more favorable to countries that want to benefit from proximity, compatible time zones and skilled workers, increased foreign investment has bolstered the national economy substantially. One example is Citigroup, who plans on investing $1.5 billion into their Mexican banking branch Banamex over the next several years to provide more loan money to small businesses and support the rapidly growing energy sector.
In light of its economic growth, Mexico City is even building a new airport to meet increased air travel and business activity needs. Such structural improvements offer much to those manufacturing in Mexico.
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