Simply Economics, from Mexico

New Federal Cabinet Brings Economic Certainty, Port Olímpic’s Blue Economy Gains Momentum

Economic certainty returns to Mexico with the appointment of the next federal cabinet. The transformation of Port Olímpic in Barcelona into a hub for the blue economy reaches 50% occupancy. Join us as we explore the potential impact of these developments on Mexico's economy and the future of trade agreements, as well as the growth and opportunities presented by Port Olímpic's blue economy initiative.Sources:https://www.elsoldemazatlan.com.mx/local/regresa-certidumbre-economica-al-pais-con-nombramiento-del-proximo-gabinete-federal-12167644.htmlhttps://www.elperiodico.com/es/blau/economia-azul/20240701/nuevo-polo-economia-azul-port-olimpic-barcelona-104000321Outline:(00:00:00) Introduction(00:00:37) Economic certainty returns to the country with appointment of the next federal cabinet(00:03:01) The blue economy pole of the Port Olímpic reaches 50% occupancy

Duration:: 6m
Broadcast on:: 01 Jul 2024
Audio Format:: mp3

Economic certainty returns to Mexico with the appointment of the next federal cabinet. The transformation of Port Olímpic in Barcelona into a hub for the blue economy reaches 50% occupancy. Join us as we explore the potential impact of these developments on Mexico's economy and the future of trade agreements, as well as the growth and opportunities presented by Port Olímpic's blue economy initiative.

Sources:
https://www.elsoldemazatlan.com.mx/local/regresa-certidumbre-economica-al-pais-con-nombramiento-del-proximo-gabinete-federal-12167644.html
https://www.elperiodico.com/es/blau/economia-azul/20240701/nuevo-polo-economia-azul-port-olimpic-barcelona-104000321

Outline:
(00:00:00) Introduction
(00:00:37) Economic certainty returns to the country with appointment of the next federal cabinet
(00:03:01) The blue economy pole of the Port Olímpic reaches 50% occupancy

Good morning, and welcome to Simply Economics from Mexico. It's Monday, July 1st. On today's show, economic certainty returns to the country with the appointment of the next federal cabinet, plus the blue economy poll of the Port Olympic reaches 50% occupancy. This coverage and more, up next. I'm David, and you're listening to Simply Economics from Mexico. We start off with news from Mexico, where the appointment of key officials to join President elect Claudia Shane Baum Pardo's administration has shifted the economic uncertainty that had been looming over the country. Most chamber leaders are now expressing more optimism about Mexico's economic trajectory. For more on this, we turn to our correspondent in Mexico City. What impact are these cabinet appointments having on the business community's outlook? The selection of experienced figures like Marcelo Abrard, who was named as the next Secretary of Economy, is being seen as a very positive signal by industry leaders. The President of Kennesintra Mazatlan, Sergio Rojasvelarde, stressed that bringing in professionals with strong track records like Abrard will be crucial for attracting the investments Mexico needs to drive growth. There's a sense that the virtual President is surrounding herself with a highly capable team. And what about the specific economic issues that had been causing concern, like the peso's depreciation against the dollar and the future of Mexico's trade agreements? Are the new appointees alleviating some of those worries? Absolutely. The President of the Federation of National Chambers of Commerce, Services and Tourism in Sinaloa said that with Abrard's appointment in particular, the situation around the free trade agreement and the peso's depreciation has markedly improved. He sees the economy entering a stage of recovery and a return of certainty to the country. And Abrard himself has already expressed ambitious goals, saying Mexico can achieve significant growth by leveraging its position as the top trading partner of the United States. What other economic priorities is the incoming administration likely to focus on based on what we know about these key cabinet members so far? Well, Abrard has already highlighted plans to renew the trade agreement between Mexico, the United States and Canada. He also spoke about finalizing an agreement with the European Union that would specifically benefit Mexico's crucial automotive industry. So it's clear that strengthening trade relationships to boost key economic sectors will be a major priority. Of course, the business community will be watching closely to see how these goals are translated into concrete policies. It certainly sounds like the President-elect is moving quickly to instill confidence and set an ambitious economic agenda by bringing in such high-profile figures to her cabinet. Thank you for this update and analysis from Mexico City. Turning our attention to Barcelona, the Olympic port is undergoing a major transformation with the goal of becoming a hub for the blue economy. The first companies are already operating in the space, with most set to open in July. According to a City Council study, the area is expected to attract about 3.6 million people per year. For more on this, we turn to our correspondent. Can you tell us more about the types of companies that will be operating in the Olympic port? The companies setting up shop in the Olympic port are quite diverse. Some are focused on offering leisure experiences and nautical sports, as well as environmental education and awareness. Members are dedicated to the sale of sailing or electric boats, rental, repair, and related services. There are also companies specializing in robotics and marine infrastructure. The goal is to create a dynamic center that promotes the blue economy and positions Barcelona as a leader in this emerging sector. It's interesting to note that the city is not alone in this endeavor. Can you explain how the port of Barcelona and the Generalee taught are also involved? That's right, David. Both the port of Barcelona and the Generalee taught have strategies aligned with promoting the blue economy. In fact, representatives from these entities recently returned from a trip to Canada to explore business possibilities in this sector. It's clear that there is a shared vision and commitment to developing this area of the economy, which has the potential to create new jobs and drive innovation. Speaking of jobs, what kind of economic impact is the Olympic port transformation expected to have on the city? The Barcelona City Council has high hopes for the blue economy. They believe it could generate up to 10,000 new jobs in the coming years. The transformation of the Olympic port is a key part of this strategy, as it will provide a dedicated space for companies in this sector to operate and collaborate. With 50 premises available for businesses focused on nautical activities, innovation and sustainability, the Olympic port is poised to become a major hub for the blue economy. It's worth noting that the Olympic port transformation is happening at an opportune time, with Barcelona set to host the America's Cup in 2024. How might this event impact the development of the blue economy in the city? The America's Cup is definitely generating a lot of excitement and anticipation in Barcelona. As one of the most prestigious sailing competitions in the world, it's expected to draw significant attention to the city's nautical sector. The event could serve as a catalyst for further investment and growth in the blue economy, showcasing Barcelona's strengths in this area to a global audience. It's an opportunity for the companies operating in the Olympic port to demonstrate their expertise and innovation on an international stage. The Olympic port transformation and upcoming America's Cup certainly have the potential to establish Barcelona as a leader in the blue economy. Thanks for the insights, and with that, we wrap up our stories for today. Thanks for listening to Simply Economics from Mexico. We'll see you back here tomorrow. [MUSIC] [BLANK_AUDIO]