Mexico experienced a decline in greenfield FDI in 2012, with project numbers, capital expenditure and jobs created through inward investment dropping from 2011 figures, according to data from greenfield investment monitor fDi Markets, but a few of its states bucked the downward trend.

The state of Querétaro – cited as one of the top growth states globally for FDI in the 'Best of 2012' figures published in the December 2012/January 2013 issue of fDi Magazine – more than doubled its inbound greenfield investment projects from five in the first half of 2011 to 11 in the same period of 2012. While year-end figures for 2012 have not been finalised, an early look shows Querétaro finished the year with more than twice as many projects as the previous year.


The majority of projects have gone to the city of Querétaro, which also ranks among Latin America's top growth cities for FDI, and placed 11th globally in the 'Best of 2012' rankings. Investment announcements in the city have included US-based Delta Air Lines and Grupo Aeroméxico’s plans to begin the construction of a jointly operated aircraft maintenance, repair and overhaul centre at the Intercontinental Airport; Germany-based manufacturing sensor solutions company Balluff opening a new corporate office, including a warehouse, training facility and technical support lab; and US-based Watlow Electric Manufacturing, a maker of thermal systems, opening an expanded manufacturing facility that is five times larger than the original.

Meanwhile, the state of Aguascalientes saw its number of projects increase from three to 10.  

The data compares January to August 2011 with the same period in 2012. Retail and intra-state project figures were excluded from the analysis. Many of the growth percentages should be considered with caution, given the small base of numbers involved; but such data gives a flavour of which markets are showing momentum.

Overall, there was a global decline in project numbers of 22% in this time period. However, growth markets around the world were identified, from such countries as Angola, Macedonia and Bangladesh (the top three globally) to those in Latin American markets such as Bolivia, Nicaragua and Paraguay, all three of which saw 50% growth in project numbers.

Among cities, Yangon (Myanmar), Skopje (Macedonia) and Detroit (US) were the best performers globally in the mid-year analysis.

The fDi Report 2013, an annual report based on fDi Markets' figures, will be published in April and will include the full-year analysis for 2012.