Major Pharmaceutical Investment in Hidalgo

Solar International Core Canada, a subsidiary of a Canadian company, has signed an agreement to invest $2 billion in the central Mexican state of Hidalgo. The investment is intended to fund the construction of a factory for active pharmaceutical ingredients.

The announcement was made on Friday by Mexican and Canadian authorities. This news comes as Mexican Economy Minister Marcelo Ebrard conducted a two-day trade mission to Canada, accompanied by hundreds of Mexican business representatives.

According to the memorandum of understanding (MOU) signed between SICC CEO Babak Arefpour and Hidalgo State Secretary for Economic Development Carlos Henkel, the company will allocate $70 million to purchase a plot of land in Zapotlan for the new plant.

Minister Ebrard highlighted the success of the mission, stating, "We ended the day with a $2-billion investment for Hidalgo. That alone made the entire mission worthwhile, although we are seeing many more results."

Additional Significant Investment Proposals

The trade mission resulted in more than 10 memorandums of understanding. Several other companies have proposed significant investments across various Mexican states:

  • Process Research Ortech Inc. has agreed to consider a $380-million investment in a battery materials processing plant located in Puebla state.
  • INTE Modular is considering an investment of up to $360-million for a modular housing plant in the southern state of Chiapas.
  • Sustainable Agave Holdings Ltd. has expressed interest in investing $100-million for an agave pulp plant in Jalisco state.

    • Strengthening Canada-Mexico Economic Ties

    The mission also yielded results for Canadian operations. Mexico’s Grupo Bimbo, a leading global producer of baked goods, has agreed to spend approximately $146 million to modernize its facilities within Canada.

    Furthermore, Minister Ebrard and Canada’s Minister of Internal Trade, Dominic LeBlanc, held discussions regarding the strengthening of the U.S.-Mexico-Canada trade agreement, which is currently undergoing a review process.