How ‘nearshoring’ is driving Swiss companies to move to Mexico

American companies are relocating to Mexico due to supply-chain issues and political power plays between the United States and China. This phenomenon is having a ripple effect on Swiss businesses, for which US companies are important customers. From logistics companies and engineering firms to pharmaceutical manufacturers, Swiss companies have long been present in Mexico, the second-largest economic power in Latin America after Brazil. However, an extraordinary growth spurt has been perceptible over the past four years. Well established Swiss businesses have opened additional sites and new firms are arriving in Mexico, despite the Covid-19 pandemic – or rather, because of it. One example of this growth is Monosuisse, a company that produces monofilament yarns for industry. In 2023, the business expanded its production facility in Querétaro, north of Mexico City: it increased the size of its plant by 50% and boosted capacity to up to 5,000 tonnes per year. “We have grown ...