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.
EXPANSION: The investment came as ASE in July told investors it would accelerate capacity growth to mitigate supply issues, and would boost spending by 16 percent ASE Technology Holding Co (ASE, 日月光投控), the world’s biggest chip assembly and testing service provider, yesterday said it is investing NT$17.6 billion (US$578.6 million) to build a new advanced chip packaging facility in Kaohsiung to cope with fast-growing demand from artificial intelligence (AI), high-performance-computing (HPC) and automotive applications. The new fab, called K18B, is to commence operation in the first quarter of 2028, offering chip-on-wafer-on-substrate (CoWoS) chip packaging and final testing services, ASE said in a statement. The fab is to create 2,000 new jobs upon its completion, ASE said. A wide spectrum of system-level chip packaging technologies would be available at
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
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