Eleven years after its formation, ProMexico, a subdivision of the Mexican Secretariat of Economy responsible for promoting international trade and investment into Mexico, will be closing all of its foreign offices early this year. Such closures include ProMexico’s United States offices in Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, New York, San Francisco and Washington, D.C., among others. Other ProMexico foreign offices to be closed include those in Argentina, Brazil, Canada, China, Chile, France, Germany, Japan, Netherlands, Singapore, South Korea, Spain and Sweden, among others.
All of ProMexico’s foreign offices are expected to close, and operations to fully cease, by the end of February. It is anticipated that certain of ProMexico’s foreign office responsibilities will be transitioned to other Mexican offices abroad, such as embassies and consulates.
Commonly compared to SelectUSA, ProMexico was considered a trusted ally to U.S. and foreign companies looking to invest in Mexico; it offered assistance by connecting them to a network of local representatives and overseeing their investment projects.
According to a statement in October 2018 by the National Promotion office of ProMexico, ProMexico is involved in negotiations or oversight of investment projects with over 30 companies, many of which include more than one project per company.
The Mexican government is expected to issue more definitive guidance on such transition in the near future.
To obtain more information, please contact the Barnes & Thornburg attorney with whom you work or Margarita Escalante at (312) 214-5604 or mescalante@btlaw.com; Mari Regnier at (312) 214-8335 or mregnier@btlaw.com; Peter Morse at (317) 231-7794 or pmorse@btlaw.com; Timo Rehbock at (312) 214-4592 or trehbock@btlaw.com; Christine McCarthy at (202) 371-6371 or cmccarthy@btlaw.com; Michael McCrory at (317) 231-7267 or mmccrory@btlaw.com.
© 2019 Barnes & Thornburg LLP. All Rights Reserved. This page, and all information on it, is proprietary and the property of Barnes & Thornburg LLP. It may not be reproduced, in any form, without the express written consent of Barnes & Thornburg LLP.
This Barnes & Thornburg LLP publication should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.
