Mexican state Veracruz to create special economic zone

Veracruz Governor Miguel Ángel Yunes Linares signed a letter of intent on 13 December 2016 for the creation of a Special Economic Zone (EEZ) along the state’s southern Gulf coast in the municipality of Coatzacoalcos (T21, El Financiero). The Coatzacoalcos EEZ will generate at least 27,000 industrial sector jobs during the first ten years of operations and is estimated to generate over US$12.9 billion in investments during the same period. Yunes Linares said the EEZ would provide investors with certain tax and administrative incentives within a single area to streamline their procedures. Mexican President Enrique Peña Nieto enacted an initiative in May 2016 to allow Mexico’s poorest states to set up EEZ to boost their economies (El Financiero, T21).