Mexican President Claudia Sheinbaum on Monday rolled out her administration's road map to make the nation one of the world's top economies by the time she leaves office.
Mexico, currently the No. 12 economy according to World Bank data, aims to crack the Top 10 by 2030, Sheinbaum said.
The nation will do so by boosting local manufacturing and swapping out imports, creating manufacturing jobs and cutting through red tape to attract investments in the country, Sheinbaum said.
The business-friendly agenda represents a shift in tone from Sheinbaum's predecessor and mentor, President Andres Manuel Lopez Obrador, who left office in October and often tussled with private firms.
Sheinbaum laid out a laundry list of goals on Monday for her country, including bumping investments up to 28% of GDP, adding 1.5 million manufacturing jobs and boosting local sourcing for industries subject to Chinese imports — a key source of tensions with the United States and Canada.
Mexico plans to boost its position using trade agreements, tariff policies and strengthening customs enforcement, a government presentation showed.
The moves come as trade tensions with the United States — Mexico's top trade partner — are heightened on tariff threats from U.S. President-elect Donald Trump, who has accused Mexico of being a back door for Chinese goods to circumvent existing U.S. tariffs.
Mexico denies such accusations but has since cracked down on contraband goods coming into the country from Asia and rolled out tariffs targeting e-commerce giants such as Shein and Temu.
"This is a collective job," Economy Minister Marcelo Ebrard said at the presentation, thanking private-sector representatives who helped build what he called a "navigational chart for the new era we are entering."
"There are uncertainties in the immediate future. But if we work together and have a direction for the nation like the one we have, my friends, we are going to come out on top," he added.
Sheinbaum's administration will boost local sourcing in the key textile and automotive industries, the presentation showed, while also working with Mexican steel producers, who have long accused China of undercutting the market.
Sheinbaum, a climate scientist who has made strong environmental pledges, will also work to make Mexico's energy grid run on 45% sustainable energy, her presentation showed.
However, that promise could be challenged by the heavily polluting and heavily indebted state oil firm Pemex. Lopez Obrador poured billions of dollars into the company during his administration.
Sheinbaum's presentation also pledged to maintain the country's hydrocarbon reserves-to-production ratio for at least the next decade.
"Our goal is to reduce poverty and inequality," Sheinbaum said. "In the face of any uncertainty in the near future, Mexico has a plan and is united going forward."
