Japanese automaker Honda kicked off construction of a new transmission plant in Celaya, a city in the central Mexican state of Guanajuato, a facility that will have an initial investment of $470 million and create 1,500 jobs.
Economy Secretary Ildefonso Guajardo, who laid the cornerstone during Monday's ceremony, said Mexico needed a strong domestic auto market and therefore his portfolio was working to regulate imports of used vehicles and make it easier for consumers to finance car purchases.
"At present, countries not only export finished goods; they are part of value chains. And the strategy of the transmission plant we're inaugurating fits into that integration of value chains," he said.
Mexico's auto industry accounts for 15 percent of national manufacturing GDP and 18 percent of employment generated in Mexico's manufacturing sector.
Guajardo also said the auto sector represented 30 percent of Mexican exports and that Mexico was the source of a third of U.S. auto-related imports. EFE
(c) 2013 EFE News Services (U.S.) Inc.
Original headline: Honda begins construction of new Mexico plant
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