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“Latinos: Driving Prosperity, Power, and Progress in America” is the theme of the 2023 US Hispanic Heritage Month. It’s a powerful statement that underscores the dynamic role that Latino businesses play in shaping the economic landscape.
Let’s delve into a significant trend that could further amplify this impact: Nearshoring in Latin America, particularly Mexico. Against the backdrop of the United States-China trade war, it’s a subject that has stirred conversations among analysts, media and entrepreneurs.
But let’s look beyond the surface.
Should Latino companies simply bide their time, hoping for the winds of investment to bring economic growth their way? Or, should they seize the moment, recognizing the immense opportunity before them and take proactive steps to harness it?
For those unfamiliar with nearshoring, it involves relocating production to strategically chosen countries with lower costs. These nations offer competitive labor rates and streamlined bureaucratic processes, resulting in more efficient operations and administration.
Now, US companies can benefit from different advantages of nearshoring practices in Latin America. These include:
Cost savings: Latin American countries often provide cost advantages, including lower labor costs compared to the United States. US companies can reduce production and operational expenses by nearshoring to Latin America while maintaining proximity for efficient management.
Proximity and time zone alignment: Latin American countries typically have the same or similar time zones as the United States. This proximity allows for more accessible communication, collaboration, and quicker response times, which can be especially advantageous in industries that require real-time decision-making or support.
Skilled workforce: Many Latin American nations boast a well-educated and skilled workforce, particularly in sectors like information te… Read More
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