Check out this fascinating report by IMCO on the growing trend of nearshoring!
Nearshoring is the practice of bringing manufacturing operations closer to home, offering numerous benefits like reduced costs and improved efficiency.
The report discusses the current opportunity for Central American countries to attract foreign investment and participate in global value chains. However, countries needs to be proactive in creating a more attractive environment for investors.
Waiting for investments isn’t enough. Public officials need to institute policies to boost competitiveness and attract companies relocating their production chains.
Other recommendations from the report include:
✔️Investing in infrastructure (water, electricity, housing, transportation) to address regional gaps in development.
✔️Training workers for high-value jobs through education, technical training, and certificates.
✔️Encouraging adoption of digital technologies and automation to integrate into advanced manufacturing.
✔️Ensuring legal certainty and an efficient justice system to reduce risks for investors.
✔️Streamlining regulations for businesses to operate more easily.
By implementing these recommendations, Central American countries can position themselves as a more attractive destination for nearshoring, leading to economic growth, job creation, and better integration with North America.
Click here to read this impressive report and discover how nearshoring can shape the future of manufacturing!