Historic Rejection by the Federal Government to Business Leaders in Monterrey

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In an unprecedented event, more than a thousand business leaders from around the country gathered in Monterrey, Nuevo León, for the Annual Meeting of Industrialists, a key forum on Mexico’s economic agenda. Held on October 21, 2024, at the Cintermex Convention Center, the event brought together the country’s main business chambers under the umbrella of the Confederation of Industrial Chambers (CONCAMIN). With a hopeful theme, “Industry as a driver of prosperity and well-being”, entrepreneurs looked forward to a dialogue with the newly inaugurated government of Claudia Sheinbaum about the challenges and opportunities facing the Mexican economy, especially in light of global phenomena such as rapprochement and revision of the USMCA.

However, the mood quickly turned gloomy. Despite the announced attendance of several cabinet members, including Marcelo Ebrard, Secretary of the Economy, and Rosa Icela Rodríguez, Secretary of the Interior, none attended the event. The opening ceremony, which was expected to be officiated by President Sheinbaum, was one of the major absences of the day. Keynote speeches and panels had to be canceled or modified due to the lack of official government representation.

The most visible blow was the cancellation of Ebrard’s keynote address, titled “Mexico facing the challenges of the global context,” a key topic for industrialists seeking to position the country in the international value chain. Instead, Ebrard sent a short 59-second video message, a gesture perceived as a sign of the new government’s lack of interest in strengthening its relationship with the manufacturing sector.

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The concern among those present was palpable. Business leaders such as Alejandro Malagón, president of CONCAMIN, Francisco Cervantes, president of the Business Coordinating Council and Máximo Vedoya, president of CAINTRA Nuevo León, had hoped to exchange views with the authorities on key public policies that directly affect the country’s economic future . Instead, they faced an institutional void. The snub felt like a cold shower for an event that brought together more than 500 business leaders representing 46 national and 14 regional chambers.

The implicit message from the government was clear: priorities lie elsewhere. Not only was a valuable opportunity to strengthen the dialogue with the productive sectors lost, but a disturbing distancing signal was sent at a critical moment for the national economy. Industrialists contribute 85% of the country’s total investments, while the public sector accounts for only 15%. In a context where the country faces the potential for an economic downturn in 2025, government support for those who create jobs and drive growth is more essential than ever.

Unofficial explanations soon began to circulate, but whatever the reason, the government’s absence left a bitter taste in those present.

This oversight has immediate implications and raises questions about the future relationship between Claudia Sheinbaum’s government and the private sector. While former president Andrés Manuel López Obrador was at odds with business leaders, such an open display of indifference was never seen before. Mexican industrialists, mainly responsible for investment in infrastructure, innovation and job creation, expected an approach to generate confidence in this new political cycle. Instead, they received a message of indifference that could affect the country’s investment climate.

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Basic diplomatic protocol would require at least one cabinet secretary to be present to represent the new government at this critical event. However, this diplomacy must materialize. In light of this, doubts arise as to whether the Sheinbaum government is more inclined to interact with large corporate conglomerates or whether it is distancing itself from those who have long been the country’s economic engine.

The split in Monterrey is a worrying sign. At a time when the global economy faces unprecedented challenges and Mexico has the opportunity to benefit from rapprochement, dialogue between government and the private sector is more important than ever. Ignoring industrialists is not only a strategic mistake, but also sows uncertainty about the country’s economic path in the coming years.

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