Chinese firm Linyi Lingong Machinery Group (LGMG) is set to invest $5 billion to develop an industrial park in the state of Nuevo León, Mexico, according to local officials. The governor of Nuevo León, Samuel García, made the announcement and explained that LGMG, a major player in the Chinese construction machinery industry, plans to construct an industrial park in the region.
The project will comprise three clusters: processing and production, storage and logistics, and business support services. This industrial park will occupy a 10 square kilometer area on the outskirts of the state capital, Monterrey. LGMG’s goals include promoting the Chinese development model in North America, facilitating cooperation in production capacity between China and Mexico, and enhancing the global presence of the Chinese manufacturing industry. The project is expected to benefit around 120 companies, attract over $5 billion in direct industrial investment, generate more than 7,000 local jobs, and stimulate the growth of various regional industries. The project will be executed in stages, with land acquisition this month, planning and construction starting in December, and the completion of the first phase in July 2024. The development, construction, and operation of the park will be undertaken by Lingong Group, Huaxing Group, and Zeki Group, entities that are already registered in the state of Nuevo León.
LGMG had previously signed a $140 million investment agreement in 2022 to establish an electric elevator production plant in the state of Nuevo León, cementing the existing relationships between the company and the local government.
Bnamericas.com (2023, october 17). China LGMG alista inversiones de US$5.000mn para parque industrial en norte de México.
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Revista TyT (2023, octubre 17). La empresa asiática LGMG ubicará nueva planta en NL con inversión de 5 mil mdd.
Gobierno de Nuevo León. (2022, september 13). Comienza LGMG construcción de fábrica de elevadores eléctricos articulados en Marín.