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Yucatán enters Special Economic Zone

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Deputy Jorge Carlos Ramirez Marin
Deputy Jorge Carlos Ramirez Marin. Courtesy photo

A repeated demand of the Yucatecan business sector is at last reality: Yucatán joined the Special Economic Zone, in which tax incentives will encourage business growth and generate more quality jobs.

“Now is the time to invest in Mexico,” said Deputy Jorge Carlos Ramirez Marin, of Mérida, during his speech at the forum of the Legislative Palace of San Lazaro, where he emphasized the SEZ will be an effective tool to combat poverty and promote development.

Special Economic Zones offer tax incentives for companies investing in the designated areas, trade facilities and duty-free customs benefits, as well as streamlining of regulatory processes. The zones would also see increased infrastructure investment, such as in energy and telecommunications.

The SEZ now encompasses the 10 states with the highest incidence of extreme poverty: Chiapas, Guerrero, Veracruz, Puebla, Michoacán, Oaxaca, Tabasco, Yucatán, Hidalgo and Campeche.

In Yucatán, more than 220,000 people live in extreme poverty.

The plan for special zones in Mexico was drawn up with the assistance of the World Bank, which sees such areas as a way to foment industrialization and attract foreign direct investment, creating jobs and generating export revenue.

Source: Press release

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