Mexican Associations Woo U.S. Investors Amid Changes in USMCA, Investment Law

By Anthony Harrup Mexican associations descending on New York this week to promote foreign investment will have among their tasks reassuring potential investors about impending changes in investment laws and periodic reviews of the U.S.-Mexico-Canada Agreement. Mexico's private equity association Amexcap and BIVA, the smaller of Mexico's two stock exchanges, are holding events Sept. 8-10 for the seventh Mexico Investment Week. "This is an opportunity every year to showcase Mexico in the context of broader investment opportunities worldwide," said Amexcap President José María Zertuche. The future of the USMCA and proposed changes to Mexico's foreign investment law are likely to be on investors' minds. "It's the first meeting under the negotiations to revise the USMCA. The timing is important because we have to strengthen the dialogue," said BIVA Chief Executive María Ariza. "Mexico and the U.S. are priority partners, priority clients for each other, and allies." In July, the U.S. declined to renew the U.S.-Mexico-Canada Agreement for 16 years, sending the North American trade pact into a period of annual reviews. That has caused some uncertainty among investors considering a first move into Mexico. "Usually what we tell them is, who knows what's going to happen anyway? That's why it becomes important to invest alongside investors who are active in these markets, who know how to navigate them," Zertuche said. "Also something that we often highlight is the inevitability in a sense of the integration of North America." At the end of August, Mexican President Claudia Sheinbaum sent to congress proposed changes to the foreign investment law that would require prior approval on national security grounds for companies planning to buy more than 49% of a Mexican business in strategic areas such as energy, transport and communications, mining and technology. The legislation would add the ministries of Defense, the Navy, and Public Safety to the foreign investment committee, which currently includes representatives of the Economy, Finance and other ministries. The Mexican employers confederation, Coparmex, one of Mexico's main private-sector organizations, said the changes risk compromising the country's business climate and setting up bureaucratic obstacles to investment. There are concerns about the Mexican military giving its opinion on matters of economic policy, or that the U.S. could pressure Mexico at some point to block investments that don't represent a national security threat, said Antonio Ortiz-Mena, chief executive of AOM Advisors, a trade and investment consultancy. Unlike the Committee on Foreign Investment in the United States, Mexico's foreign investment law focuses on economic aspects such as competition and market power but doesn't explicitly consider national security, he said. "It's naive to think that doesn't need to be addressed, and I think it's better to address it in an explicit and ordered way, than in an ad-hoc fashion," Ortiz-Mena added. Mexico had private equity deals totalling $6.03 billion in the first half of this year, compared with $5.38 billion in all of 2025, according to Amexcap. That was led by growth and acquisitions with $2.96 billion in the first six months of this year, followed by venture capital with $1.47 billion and private credit with $969.1 million. The country has seen a dearth of private investment in energy since the previous government administration changed laws to favor state control of the oil and electricity sectors. But interest is returning with state electric utility CFE inviting private companies to participate in the development of renewable power projects including wind, solar and battery storage, while the Energy Ministry looks to fast-track approval of private renewable projects that were stalled, Zertuche said. "That is a wave that is coming," he said. Overall foreign direct investment in Mexico was $34.97 billion in the January-June period, of which $30.96 billion was in reinvested profits. New investment accounted for 8% of the total. "Quite a number of investors are doubling down on Mexico," Zertuche said. It's a sign that investors who have been longer in Mexico and understand the nuances of operating in the country realize it's a place where profitable investments can be made, he added. Write to Anthony Harrup at anthony.harrup@wsj.com (END) Dow Jones Newswires September 08, 2026 12:52 ET (16:52 GMT) Copyright (c) 2026 Dow Jones & Company, Inc.