Mexico moves forward with new special economic zone

An agreement was inked Thursday for the development of a special economic zone (ZEE) in Progreso, a port in the southern Mexican state of Yucatán.

The agreement was signed by state governor Rolando Zapata, federal finance minister José Antonio González, Gerardo Gutiérrez, head of the country's federal authority for the zones (AFDZEE), and Progreso mayor José Cortés.

The signing ceremony was also attended by President Enrique Peña Nieto, who issued a decree to create the zone in December.

"The special economic zones will be a milestone in the development of the country's southeast by creating a virtuous circle of investment, high added-value manufacturing, skilled labor and better paid jobs," Peña Nieto said at the event.

The ZEEs are expected to create almost half a million jobs and attract US$50bn in investment over the next two decades, according to the president.

Once operating, the ZEE will cover the municipalities of Kanasín, Progreso, Umán, Hunucmá, Mérida, Conkal, Chicxulub Pueblo and Ucú.

Authorities are aiming to develop the area as a hub for the telecommunications, R&D, information technology and high-tech industries. The zone is expected to host 500 plants from those sectors in 20 years from now, attracting US$3bn in investment.

Another four economic zones have been declared to date, located in the states of Chiapas, Veracruz, Oaxaca and one shared by the Pacific states of Michoacán and Guerrero.

Decrees for the creation of two additional ZEEs in the states of Tabasco and Campeche are due to be signed on April 17.