Mexican Economy Minister Marcelo Ebrard visited Canada on a two-day trade mission this week.Henry Romero/Reuters
Solar International Core Canada signed an agreement with the central Mexican state of Hidalgo to invest $2-billion in building a factory for active pharmaceutical ingredients, Mexican and Canadian authorities said on Friday.
The announcement came as Mexican Economy Minister Marcelo Ebrard visited Canada on a two-day trade mission alongside hundreds of Mexican business representatives, during which Canada said over 10 memorandums of understanding were signed.
According to Mexican authorities, as part of the MOU signed between SICC’s CEO Babak Arefpour and Hidalgo State Secretary for Economic Development Carlos Henkel, SICC said it would set aside $70-million to buy a plot of land in Zapotlan, where it plans to build the plant.
Process Research Ortech Inc. also agreed to consider investing $380-million in a battery materials processing plant in Puebla state.
Separately, INTE Modular said it was considering investing up to $360-million in a modular housing plant in Mexico’s southern Chiapas state.
Sustainable Agave Holdings Ltd. also said it was considering investing $100-million in an agave pulp plant in Jalisco state.
“We ended the day with a $2-billion investment for Hidalgo. That alone made the entire mission worthwhile, although we are seeing many more results,” Ebrard said in a statement.
Ottawa added that Mexico’s Grupo Bimbo, one of the world’s top producers of baked goods, agreed to spend around $146-million to modernize its Canadian facilities.
During the mission, Ebrard and Dominic LeBlanc, Minister of Internal Trade, discussed strengthening the U.S.-Mexico-Canada trade agreement, which is currently undergoing a review.