Canada, Sweden, and Germany Overtake the United States as the Largest Investors in Querétaro

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Canada, Sweden, and Germany are the countries with the highest foreign direct investment (FDI) in Querétaro during 2023, dethroning the United States from the top ranks.

Canadian investment amounted to $338.5 million, 30.6% of the total FDI received by the state in 2023 ($1,107.1 million), making it the origin of the most capital invested in the entity, reported the Ministry of Economy (SE).

With records dating back to 2006, 2023 was a record year for Canadian investment in the entity.

Following, Sweden’s investment added up to $143.8 million the previous year, 13% of the total, and was the second country with the most investment directed to the entity. It was also the year with the highest Swedish investment recorded in Querétaro.

And the third-largest investor was Germany, whose FDI amounted to $124.3 million in 2023, 11.2% of the investment captured by the state.

Compared to 2022, Canada is the only one that repeats among the three countries that led the FDI in 2023; during that year, the United States was the main investor with $254.3 million, followed by France with $171.6 million and Canada with $129 million.

After Canada, Sweden, and Germany, the Republic of Korea was the fourth-largest investor in the state in 2023, contributing $89.2 million, 8.1% of the total; in fifth place was Brazil with $80.3 million, representing 7.3%; and in sixth, the United States with $73.4 million contributed 6.6 percent.

Of the accumulated investment between 2006 and 2023, the United States remains the largest issuer of FDI to the state, accumulating $4,312.5 million, equivalent to 24.9% of the $17,304.4 million that Querétaro has received in foreign direct investment during that period.

Next, Canada is located with $2,744.9 million, 15.9% of the total FDI; Spain with $2,462.2 million contributes 14.2%; Germany with $1,238.6 million contributes 7.2%; and in fifth place, France with $983.2 million, 5.7% of the total investment.

The list of 10 countries with the most FDI in the state continues with Brazil, which since 2006 has contributed $957.8 million, 5.5% of the accumulated capital; Japan with $791.5 million, 4.6%; Switzerland with $582.5 million, 3.4%; Sweden with $511.7 million, 3%; and the Netherlands with $327.6 million, 1.9 percent.

Source: El Economista