Mexico's economy to benefit from war on Ukraine: President

MEXICO

Mexico’s president said Monday that the country would become a major attraction for foreign investment due to Russia’s war on Ukraine.

Citing an unnamed financial report, Andres Manuel Lopez Obrador said at a press conference that Mexico as well as other emerging economies are expected to experience significant inflows of foreign investment as capital that had been destined for Russia and other economies could be moved to his country.

He added that Mexico will sit on top as one of the best opportunities worldwide for foreign investment.

"With this new economic crisis resulting from the war, Mexico has become, if not the first, then the second or third nation with the most investment opportunities in the world," said the president.

During the press conference, Lopez Obrador spoke about the opening of Felipe Angeles International Airport, the new international airport in the country and one of his signature infrastructure projects which have caused controversy and speculation in the country’s aeronautical industry.

He stressed that Mexico is seeing collateral benefits from the war on Ukraine and instability in Europe and the world, as countries that had been considered emerging economies have now been displaced.

"Now there has been a displacement, and fortunately, our country is in the first levels. So this is going to mean more investment, more growth, more employment, and therefore commercial and cargo aviation will be completely reactivated," he added.

According to the Organization for Economic Co-operation and Development (OECD), the world has experienced sizeable economic and financial shocks which, if sustained, could reduce global GDP growth by over one percentage point in the following year.

Russia's war against Ukraine, which began on Feb. 24, has been roundly denounced by the international community and has been met with biting Western and allied sanctions and export controls. The economic fallout has been exacerbated by an exodus of global firms from Russia.

At least 925 civilians have been killed during the war and 1,496 have been injured, according to the UN's tally.

The international body warns, however, that the true toll is "considerably higher."