Citi Taiwan and Citibanamex, jointly organized a “Mexico Day”client forum in Taipei to demonstrate Citi’s strong support for clients existing and potential investments in Mexico and foster the further development of the Taiwan-Mexico trade corridor.
“Mexico is now the largest trading partner for the U.S. and it offers tremendous nearshoring benefits such as faster delivery to buyers, lower transportation costs and helping buyers achieve their just-in-time inventory management objectives. Citi has an exceptionally large presence in Mexico and is well-positioned to help our clients with their banking needs,” remarked Aftab Ahmed, Chairman of Citibank Taiwan.
Mexico has emerged as a preferred destination for Taiwanese businesses seeking to establish nearshoring supply chains for expanding into the U.S. market. Over 300 Taiwanese enterprises have ventured into the Mexican market across various sectors including cloud computing, industrial servers, computers, LED TV assembly, and automotive components. The bilateral trade value between Taiwan and Mexico surged from $5.386 billion in 2021 to $6.368 billion in 2023, marking an impressive 18% increase.
Susan Wang, Citi Taiwan Head of Corporate Banking, pointed out the rising trend of “Close to Home” seen across notable global multinational corporations. Mexico is a prime destination for global leading manufacturers due to its proximity to the U.S. market, potentially mitigating risks and costs associated with manufacturing. To support Taiwanese companies’ expansion plan in Mexico, Citi’s global teams are dedicated to deliver prompt service to clients round-the-clock.
Martin Torres, Head of the Office of Mexico in Taiwan, highlighted Mexico’s strategic significance as a gateway to North America, Latin America, and the global market. With clusters such as the automobile and manufacturing industries, coupled with a skilled and cost-effective workforce, Mexico is attracting more foreign investment. Torres urged Taiwanese companies to capitalize on Mexico’s potential and regard it as a frontier to penetrate the U.S. market.
As a leading international bank with a physical presence in 95 markets, Citi is well positioned to leverage the strength of its global network and provide comprehensive financial services and solutions to support clients in business growth. In terms of optimizing working capital and cross-border cash flow, Citi provides corporate clients with international remittance services in 140 different currencies. Moreover, Citi has launched mobile banking for enterprises, remittance intelligent detection services, liquidity management and automated reconciliation services to help clients flexibly handle various operational and funding needs.
JITTERS: Nexperia has a 20 percent market share for chips powering simpler features such as window controls, and changing supply chains could take years European carmakers are looking into ways to scratch components made with parts from China, spooked by deepening geopolitical spats playing out through chipmaker Nexperia BV and Beijing’s export controls on rare earths. To protect operations from trade ructions, several automakers are pushing major suppliers to find permanent alternatives to Chinese semiconductors, people familiar with the matter said. The industry is considering broader changes to its supply chain to adapt to shifting geopolitics, Europe’s main suppliers lobby CLEPA head Matthias Zink said. “We had some indications already — questions like: ‘How can you supply me without this dependency on China?’” Zink, who also
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) received about NT$147 billion (US$4.71 billion) in subsidies from the US, Japanese, German and Chinese governments over the past two years for its global expansion. Financial data compiled by the world’s largest contract chipmaker showed the company secured NT$4.77 billion in subsidies from the governments in the third quarter, bringing the total for the first three quarters of the year to about NT$71.9 billion. Along with the NT$75.16 billion in financial aid TSMC received last year, the chipmaker obtained NT$147 billion in subsidies in almost two years, the data showed. The subsidies received by its subsidiaries —
At least US$50 million for the freedom of an Emirati sheikh: That is the king’s ransom paid two weeks ago to militants linked to al-Qaeda who are pushing to topple the Malian government and impose Islamic law. Alongside a crippling fuel blockade, the Group for the Support of Islam and Muslims (JNIM) has made kidnapping wealthy foreigners for a ransom a pillar of its strategy of “economic jihad.” Its goal: Oust the junta, which has struggled to contain Mali’s decade-long insurgency since taking power following back-to-back coups in 2020 and 2021, by scaring away investors and paralyzing the west African country’s economy.
The number of Taiwanese working in the US rose to a record high of 137,000 last year, driven largely by Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) rapid overseas expansion, according to government data released yesterday. A total of 666,000 Taiwanese nationals were employed abroad last year, an increase of 45,000 from 2023 and the highest level since the COVID-19 pandemic, data from the Directorate-General of Budget, Accounting and Statistics (DGBAS) showed. Overseas employment had steadily increased between 2009 and 2019, peaking at 739,000, before plunging to 319,000 in 2021 amid US-China trade tensions, global supply chain shifts, reshoring by Taiwanese companies and
RSS