In this episode, our guest speaker is Mr. Hu Hai(胡海), who acts as the chairman of Hofusan Industrial Park of North America (北美华富山工业园). This industrial park, a groundbreaking initiative, is a collaborative venture pf China Holley Group (中国华立集团), Futong Group (富通集团), and the Santos family in Mexico. Situated in Monterrey, Nuevo Leon, approximately 200 kilometers from the US Texas border port of Laredo, Hofusan Industrial Park boasts an expansive planned area of 8.5 square kilometers.
This industrial park is dedicated to evolving into a focal point for industrial clustering, serving as a manufacturing and export hub for China's key industries in North America. It aspires to establish a modern, comprehensive park encompassing manufacturing, warehousing, logistics, commercial, and residential facilities. Among the notable companies that have established a presence in this park are Hisense(海信家电), Yinlun Machinery (银轮股份), Sunon (圣奥集团), Man Wah Holdings (敏华控股), New Coordinates (新坐标), and many more.
The following is a review of LIVE content, edited by EqualOcean.
EqualOcean: Hello, dear friends of EqualOcean, welcome to EqualOcean Globalization Channel. Today, we have the pleasure of hosting Mr. Hu Hai, chairperson of Hofusan Industrial Park. Welcome!
As keen observers of the trend of international expansion, we've noted that since the beginning of this year, there has been a growing fervor among enterprises across various sectors to venture abroad. In addition to the well-established domains of the Internet, gaming, and social networking, which have historically garnered significant attention in the field of international expansion, this year has seen a conspicuous trend: industries such as smart hardware, new energy vehicles, and industrial robotics are accelerating their global outreach efforts. Furthermore, there have been notable shifts in the destinations chosen by these overseas-bound companies, with Emerging Markets in the Middle East and Latin America receiving increased attention.
As a major manufacturing nation, industries related to manufacturing have consistently formed the bedrock of our country's GDP and foreign trade. Against the backdrop of domestic industrial transformation and upgrading, manufacturing firms are not only seeking overseas markets but also strategically allocating resources abroad through partnerships with local entities and exporting production capabilities. Mr. Hu has had the privilege of witnessing numerous manufacturing companies successfully establish their operations in Mexico.
Today, we aim to delve into the overarching trend of manufacturing companies venturing abroad, along with the associated costs, challenges, and benefits inherent in this process. Subsequently, Mr. Hu will provide insights into the Hofusan Industrial Park.
Hu Hai: Hello，everyone. Allow me to provide a concise overview of our industrial park. Hofusan Industrial Park stands as a significant overseas industrial complex, primarily backed by Chinese investors, strategically devoted to manufacturing in Mexico. Situated in the northern state of Nuevo Leon, just on the outskirts of Monterrey, the state capital, this expansive park encompasses approximately 13,000 acres, equivalent to about 8.67 square kilometers. The park's primary focus is to serve as a hub for the introduction of Chinese manufacturing enterprises into the North American market.
EqualOcean: Can you elaborate on the considerations behind the location of the industrial park?
Hu Hai: Certainly, Chinese entrepreneurs may not be very familiar with Mexico, so let me take this opportunity to provide you with some insights. Mexico is an industrialized country, and Monterrey, often hailed as the "industrial capital" of Mexico, is at the forefront of this industrial landscape. The region boasts a high degree of manufacturing concentration, advanced development levels, and a robust industrial foundation, with a particular emphasis on export-oriented manufacturing.
Monterrey is strategically positioned in close proximity to the United States, approximately 200 kilometers from the Texas border. This strategic location is primarily attributed to the historical significance of the U.S. as the largest export market for Chinese manufacturing enterprises. Given the escalating trade tensions between China and the United States, many manufacturing firms are exploring opportunities to establish production origins or manufacturing links in countries outside of China. Monterrey, with its bordering proximity to the U.S., offers highly convenient logistics and transportation options.
Furthermore, the state of Nuevo Leon, where Monterrey is located, has embraced a strong international outlook, boasting a relatively efficient and transparent government. It maintains a foreign-friendly business environment, which has significantly attracted substantial foreign investments. Monterrey and its neighboring areas collectively form one of Mexico's largest metropolitan regions. The availability of resources from universities and research institutions is abundant, and the region benefits from a wellspring of highly skilled technical and managerial talent. This ample pool of human resources effectively supports the operations within our industrial park.
EqualOcean: Thank you for your informative introduction. You mentioned earlier that domestic enterprises previously had limited knowledge of Mexico due to its considerable geographical distance. Could you please share some of the challenges that Hofusan Industrial Park encountered during its initial preparation phase?
Hu Hai: As you rightly pointed out, Mexico is indeed a market with which we are relatively unfamiliar, and it presents significant cultural differences. Unlike Southeast Asia, where cultural familiarity and proximity to China are more common, Mexico poses distinct challenges. One of the most prominent difficulties we encountered when establishing the industrial park in Mexico pertained to the industrial support infrastructure. In Mexico, developers are required to construct various facilities themselves, and the process of obtaining government approvals and completing facility construction can be quite lengthy.
In contrast to the typical development of industrial parks in China, where the government is extensively involved in investment, land acquisition, supporting infrastructure construction, and operation, the Mexican government takes a less active role, placing greater responsibility on developers themselves. This presents a unique and more challenging aspect of the process.
EqualOcean: We learned that the Hofusan Industrial Park was established by a Chinese-funded enterprise in cooperation with a relatively powerful local family. We are curious how the two parties reached a cooperation?
Hu Hai: This is indeed a fascinating story. Our local partner and a shareholder in the industrial park, the SANTOS family, hold a prestigious and respected position within Monterrey and Mexico as a whole. The family has a history that includes a former governorship of Nuevo Leon, and they possess a forward-thinking vision for local economic development and international engagement.
The SANTOS family originally owned a piece of land and contemplated the idea of attracting Chinese investment to transform it into an industrial park around 2013. When we first initiated contact with the SANTOS family and embarked on our exploration in Mexico, we observed that there were already industrial parks and investment initiatives established by American, Japanese, and Korean entities. However, the presence of Chinese companies was quite limited at that time. It is worth noting that about seven or eight years ago, Chinese companies had relatively limited experience in investing across such vast geographical and cultural distances, especially in North America.
Nevertheless, the SANTOS family possessed a keen awareness that a wave of Chinese companies seeking to expand their global industrial footprint and potentially replacing Europe, America, Japan, and South Korea was imminent. Hence, they proactively reached out to us in China. Serendipitously, our Chinese shareholders had significant expertise in developing overseas industrial parks. This fortuitous alignment of vision and experience led to an immediate and fruitful collaboration.
Throughout the park's development and operation, the SANTOS family has primarily taken on the role of liaising with the local government and public utilities. They have been instrumental in facilitating the approval processes and the acquisition of essential infrastructure. Given that large-scale projects such as industrial real estate closely intertwine with policies at various societal levels, including federal and state governments, having local partners is invaluable for maintaining positive public relations and navigating these complex dynamics.
EqualOcean: Which companies are currently located on the campus?
Hu Hai: The development of the entire park has been executed in phases. Currently, we have successfully completed approximately 3 square kilometers, attracting over 30 companies to establish their presence here. These companies represent a diverse range of industries, with notable sectors including automobiles and parts, home appliances, and home furnishings.
One prominent example is the renowned home appliance giant, Hisense（海信）, which has established the Hisense North American White Goods Industrial Park within our facility. Here, they manufacture a range of premium products, including refrigerators, washing machines, kitchen appliances, and more. This strategic move allows them to lower freight costs and enhance the efficiency and reliability of their deliveries.
Another noteworthy instance is Tesla's recent announcement of plans to construct its fifth overseas factory in Monterrey, Mexico, signifying substantial expansion. Following Tesla's announcement, numerous Chinese automotive component companies eagerly followed suit, opting to establish their own manufacturing facilities in Mexico. Our industrial park hosts several suppliers to Tesla, including Lens Technology（蓝思科技）, specializing in central control screens, Yinlun Machinery（银轮股份）, focusing on heat exchangers, and Anjie Technology（安洁科技）, which specializes in charging modules.
Turning our attention to the home furnishing industry, many are aware of the increased trade barriers imposed by the U.S. on Chinese enterprises in recent years. Consequently, a growing number of domestic home furnishing companies, such as Sunon（圣奥）, Man Wah Holdings, KUKA, and others, have chosen to establish manufacturing facilities in Mexico as a strategic response to these challenges.
EqualOcean: Can we summarize the demands of enterprises into three categories? One is to optimize the cost structure , the other is to avoid trade barriers , and the third is to invest in industries with high growth potential such as electric vehicles and new energy .
Hu Hai: Allow me to provide further context. Among the Chinese companies investing in and establishing factories in Mexico, there are two prominent categories.
The first category comprises leading enterprises that have already attained significant prominence in their respective domestic sub-sectors. These companies have grown in stature, along with an increased capacity and demand for global resource allocation and international operations.
The second category involves enterprises seeking to navigate punitive tariffs and other forms of trade barriers imposed by the United States on Chinese companies. To maintain their presence in the U.S. market without incurring tariffs of 70%, 80%, or even 100% on "Made In China" goods, these companies opt to establish factories in Mexico. This strategic move enables them to secure zero-tariff treatment under the North American Free Trade Agreement (NAFTA), signed by the U.S., Canada, and Mexico in the 1990s.
Regarding the promising new energy vehicle market, it holds immense potential, whether viewed from the perspective of U.S. leaders or Latin American followers. Last year, the United States introduced the Inflation Reduction Act, which stipulates that new energy vehicles meeting certain conditions and produced in the United States, Mexico, or Canada qualify for a subsidy of USD 7,500 per vehicle. This financial incentive serves as a key driver behind the decisions of companies like Tesla and global automotive giants to establish manufacturing facilities in Mexico for the production of new energy vehicles.
EqualOcean: What services does the park mainly provide for resident companies?
Hu Hai: The park places a primary emphasis on services related to manufacturing. Manufacturing enterprises have the opportunity to establish their factories on well-equipped industrial land. Concurrently, the park offers an array of supplementary amenities, including warehousing, logistics, commercial spaces, and residential facilities, effectively creating what can be described as a comprehensive "industrial township." Our overarching plan is to develop 13,000 acres of land into distinct industrial zones, residential areas, and commercial service hubs, encouraging the convergence of working families from the surrounding areas within the park.
Moreover, we cater to enterprises that prefer an asset-light operational model by offering fully-equipped standard factories that are available for rent and immediate occupancy. This approach allows businesses to effectively manage risks while expediting their start-up process. Many enterprises in our park initially begin by leasing factories. After a period of adaptation, typically one or two years, they often transition to constructing their own landmark factories to expand their operations.
Furthermore, the park hosts bonded warehouses, centralized procurement centers for raw materials and components, and exhibition halls. These facilities are strategically positioned to assist enterprises in swiftly achieving localization, enabling cost-effective and efficient local production activities. Additionally, the park fosters a cluster of service providers offering customs declaration, logistics, legal, taxation, and other related services to streamline and facilitate the operations of resident enterprises.
EqualOcean: What do companies usually move to Mexico? In recent years, the industry has often discussed the relocation of production capacity. Will this lead to the loss of domestic manufacturing?
Hu Hai: From our perspective, the overseas production activities undertaken by these companies appear to be highly complementary and integrated with their domestic production processes. It's not about uprooting their domestic foundations and moving away from China entirely. Typically, the corporate headquarters and research and development functions remain in China. This encompasses critical aspects such as product design, tooling equipment, molds, and process design. Moreover, the procurement of major raw materials and the production of core components in progress usually continue to be based in China. China's industrial ecosystem offers unparalleled advantages in terms of efficiency, rapid response, and cost-effectiveness, which are unmatched by global counterparts.
The overseas expansion primarily involves back-end processing and assembly. Parts that can be sourced from local suppliers in the host country are procured locally. After final assembly, commissioning, and warehousing, products are then delivered in accordance with order requirements. This process represents a symbiotic connection between pre-production in China and post-production overseas.
Entering the North American Free Trade Zone necessitates compliance with origin policies to enjoy "zero tariff" benefits, with certain localization rate requirements. Merely labeling products as local while essentially producing them in China is both against policy and unsustainable. The proximity of Monterrey to the United States means that it remains subject to relatively high regulatory requirements and business operation standards.
There's no need for excessive concern about the hollowing out of domestic industries. In a global landscape marked by unprecedented transformations, practicing a "China Plus One" strategy is essential. Without venturing abroad and diversifying production bases internationally, companies may gradually lose international orders. These orders may not shift to other countries but rather to Chinese companies with a global presence.
The current reality is that those who expand overseas first gain a competitive edge and secure orders. Consequently, the trend of manufacturing globalization and overseas expansion is inevitable. Staying exclusively domestic may not even offer a chance for survival, while venturing abroad provides opportunities to drive the development of domestic parent companies and expand manufacturing capabilities.
EqualOcean: Thank you,what you just shared is similar to our observation. At present, some links with relatively high added value and strong technological attributes still need to be retained in China, and the global advantages of industrial clusters such as the Pearl River Delta and the Yangtze River Delta are still very significant.
Hu Hai:As mentioned earlier, our manufacturing companies should not approach international expansion with the mindset of simply "passing products through local channels." Many countries abroad, having experienced similar situations, are now gradually raising their demands for localization rates.
EqualOcean: You're absolutely right. It's not just Mexico; several Southeast Asian countries have also introduced relevant policies that impose requirements on the sourcing of raw materials, local employment, and other aspects. Since enterprises have invested both cost and time in going international, they should fully explore the value of the local market to achieve a more rational allocation of resources. Please select a specific case, and I'll provide a detailed description of our cooperation process with manufacturing companies.
Hu Hai: Here is an example of a leading furniture company. In the early days of the epidemic in 2020, many domestic companies were worried about the severe overseas situation and did not dare to come out. However, the company was very decisive and bucked the trend. In March, it sent a team to our park to prepare for the construction of the factory. It took less than half a year to complete the factory decoration, equipment installment, recruitment and training of workers, and the raw materials and work in progress in China were also transported in place and entered the trial production stage.
In the following period of time, trapped by the global epidemic, domestic production and cross-border logistics could not be advanced normally. The shipping price from Asia to the US fluctuated more than ten times, and port handling was also greatly affected. In this case, the company achieved direct delivery with the Mexico factory, and the competitive situation of the entire industry has undergone fundamental changes.
For example, there may have been three Chinese companies of the same type sharing the US market, but the first company to come out almost dominated the US orders during the epidemic, achieving a growth of 200% to 300%, and the factory was running at full capacity and could not meet the demand. Therefore, the company continued to expand production within half a year after the first phase of the factory was built, the factory area doubled, and the number of workers increased from 300 to 2,000. The expansion of production capacity has brought about an increase in its market share. By the time competitors reacted after the epidemic, the allocation ratio of overseas orders had become difficult to reverse.
There are many similar examples. There is also a Guangdong company that has been a supplier to large US chain supermarkets such as Walmart, Costco, and HomeDepot. This company came to Mexico to build a factory in 2019. In the past few years, its production scale has been expanding, from leasing a 3,000-square-meter factory to building a factory on its own land, and then continuously expanding the factory area and increasing production capacity. This expansion speed is very amazing.
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EqualOcean: Your observation aligns with ours as well, and the pandemic has indeed created a favorable environment for some enterprises to achieve counter-cyclical growth. Over the past few years, how have the levels of attention from Chinese companies towards Mexico changed?
Hu Hai: We started attracting investment to our industrial park in 2019, and some companies, such as Hisense, invested and established factories in our park that same year. From the initial outbreak of the pandemic until 2021, as I mentioned earlier, I shared a few successful cases of companies that expanded against the odds and turned crisis into opportunity. However, due to factors like difficulties in international personnel mobility, the number of companies conducting overseas investment visits remained relatively low. Especially for large projects like ours that involve building factories, the investment amounts are typically in the millions of dollars or more, and decisions often require the personal presence of the company's top executives.
Starting in the second half of 2021, we began to see signs of market recovery, and an increasing number of Chinese companies showed interest in overseas investments and factory construction, which was reflected in the number of companies we hosted. By 2022, this interest started to bear fruit, and it's actually related to the ongoing tensions in China-U.S. economic and trade relations. In the context of the "China Plus One" trend, the urgency for companies to establish production bases overseas and diversify their operations to meet market demands has increased.
In the previous two years, some entrepreneurs were adopting a wait-and-see attitude, hoping for policy adjustments and improved relations between the two countries. However, the prevailing sentiment now is that there's no room for "wishful thinking" anymore. Establishing factories overseas is becoming a necessity, and failure to act promptly might cause companies to miss the time window and lose opportunities. Since 2022, our industrial park, including my city, has seen overwhelming demand, and Chinese companies are competing fiercely to secure factory spaces and land.
EqualOcean: Definitely, the globalization of going overseas is first of all a "number one project", which is a strategic level of the company. Secondly, the important inspiration for entrepreneurs and entrepreneurs in the past few years is that they must have " bottom line thinking ". Many of the new energy companies we have come into contact with this year have put the global layout of production capacity on the agenda while they are still growing, and they are also very forward-looking. Compared to South East Asia, another popular destination for Chinese manufacturing going overseas, what are the unique advantages of Mexico or Latin America?
Hu Hai: Southeast Asia is geographically, culturally, and in terms of proximity, relatively close to China. It serves as the first destination for Chinese companies going global, and transportation of goods or personnel deployment is relatively straightforward. What's more, Southeast Asia has a population of over 600 million people, making it one of the world's significant markets. Companies manufacturing goods in Southeast Asia can benefit from ASEAN's free trade zone policies, allowing them to access the vast ASEAN market.
In addition, in previous years, some companies also used Southeast Asia as a "gateway" to reach the United States and Europe. However, in recent years, U.S. trade sanctions have gradually extended to Southeast Asian countries. As a result, some companies are facing a "second transfer" of their production bases. As I mentioned earlier, some industries, such as furniture, sofas, and mattresses, were initially subjected to trade sanctions in China. After relocating their factories to Southeast Asia, they found that the local rules of origin policies were relatively lenient, which attracted the attention of the United States.
In the past two years, some companies that had previously established factories in Southeast Asian countries have started to transfer their production capacities to Mexico. Mexico and the United States belong to the same customs zone, applying the same set of trade policies. Additionally, over 50% of foreign direct investment in Mexico comes from the United States. Therefore, the United States cannot treat investments from different sources differently in Mexico. Setting up factories in Mexico can be seen as a "one-stop solution" for Chinese companies.
EqualOcean: What are the challenges of building a factory in Mexico?
Hu Hai: China has one of the world's best industrial environments, and its labor force is also among the most skilled globally. When companies venture overseas, regardless of the country, they will clearly notice the differences in labor quality and supply chain compared to China. As I mentioned earlier, Southeast Asian countries are relatively close to China, making it somewhat easier to address the issue of missing local supply chains. However, they also face challenges due to various local capabilities being insufficient. In recent years, countries like Vietnam have been imposing stricter rules of origin, which can pose bottlenecks for companies shifting towards local supply chains.
Similar issues exist in Mexico as well, but in comparison to Southeast Asian countries, Mexico has a higher level of industrialization and per capita income. Over a decade ago, Mexico's per capita GDP had already reached $10,000. Especially since the signing of the North American Free Trade Agreement (NAFTA) in the 1990s, many American factories sought to lower costs and gradually relocated to Mexico. This laid a solid industrial foundation locally and trained a large pool of skilled labor.
Furthermore, Chinese leading enterprises in various sectors going abroad and establishing factories have also spurred numerous domestic supply chain companies to venture overseas. As for the leading enterprises I mentioned earlier, they hold several supplier conferences in China every year, encouraging upstream and downstream companies to collectively expand overseas. So, the industrial environment overseas, especially the supporting environment for Chinese enterprises, is continuously improving. Companies are going abroad together, gradually establishing high ground for Chinese manufacturing overseas.
EqualOcean: Combined with the advantages of Mexico you just mentioned, the country's financial system is also highly modernized in Emerging Markets . Companies going to Mexico seems to be "seeking the far" in terms of geographical space, but when considered comprehensively, it is actually "seeking the near" in terms of value.
Hu Hai: Add that even if the US does not mention "de-Sinicization", the "nearshoring" he now mentions is to avoid risks and improve control over the supply chain. He hopes that the main supplier of goods will be as close as possible. The most feasible and closest place is Mexico. This is why Mexico has been particularly popular in recent years.
EqualOcean: Yes, and Mexico has an innate endowment in clean energy industries such as photovoltaics , so now the photovoltaic industry is also very concerned about Mexico.
Hu Hai: New energy and photovoltaic companies have recently visited a lot, and they are likely to usher in the next wave of investment.
EqualOcean: Manufacturing companies go overseas and hire a lot of local workers. How does the public in Mexico feel about Chinese companies?
Hu Hai: The investment of Chinese enterprises in Mexico has just started, and the local people and business society have just begun to come into contact with Chinese enterprises, so it can be said that there is no " negative equity ". On the contrary, foreign investment is very popular in any country, creating jobs, taxes and exports for the local area, and the same is true in Mexico. The local government, communities, people, workers, etc. are very friendly to Chinese investment. Maybe small and medium-sized businesses will be a little worried about the price competition brought by the influx of Chinese goods. But the entire manufacturing sector is still much better than the domestic competitive ecological environment. At present, Mexico is the blue ocean market .
EqualOcean: Which Chinese brands are well known in Mexico?
Hu Hai: Midea has been cultivating Mexico for nearly 20 years, and it is very well-known in the local area. Hisense's home appliances are also all over the shopping malls. In the past year or two, the sales of Chinese cars in Mexico have grown rapidly, accounting for more than 15% of local sales. Brands such as Saic-MG（上汽名爵）, BYD（比亚迪）, Chery（奇瑞）, and Geely（吉利） can be seen on the street. Changan（长安） and JAC（江淮） have also established a high-end image of Chinese brands.
EqualOcean: Now many companies are not only building factories in Mexico, but also paying attention to the fast-growing consumer market in Latin America. Will the park provide them with services related to local resource links?
Hu Hai: We have been in Mexico for eight years and are very familiar with the local market environment and have local resources. Around the local factory, we also connect suppliers, distributors, legal, tax, trade unions and other local resources or services for enterprises free of charge. We are also very willing to share these resources and provide support for other overseas enterprises in need.
EqualOcean: What industries will the park focus on introducing in the future?
Hu Hai: First of all, focus on the core industries I mentioned just now. The automotive industry chain is the largest market space, accounting for more than 20% of Mexico's manufacturing industry. The local supply chain is also highly mature and can match Chinese companies. Local development needs. Especially new energy vehicles, local support policies and the enthusiasm of relevant Chinese companies to go overseas are all positive factors.
In addition, we are also preparing some high-tech fields. At present, we are planning and building an innovation incubator in the park. The model is to introduce the most potential cutting-edge technological achievements from several highlands of scientific and technological innovation such as Silicon Valley, Dallas, and Houston in the US, and then import them into North America and Latin America after industrialization and large-scale production in Mexico..
At the same time, combined with the trend and demand of Chinese enterprises' online sales in the North American market, we are building a logistics supply chain covering North America. Taking the Mexico campus as the regional headquarters, we will set up sub-warehouses and "last mile" delivery systems in the United States, China, the United States, and the United States to help e-commerce companies open up the logistics channel in North America. These are our next major directions.
EqualOcean: E-commerce logistics is a promising development direction.
Hu Hai: Mexico is a large market with a 130 million population, and the development potential of e-commerce is very large. In addition, the border between Mexico and the US, the cost of logistics and warehousing is much lower than that of the US, and it only takes one or two hours to ship from Mexico to the US, at most one or two days, which is a completely acceptable cycle. So establishing a bonded warehouse in Mexico that radiates the United States and Mexico is a very interesting market opportunity, and it is also an area where we are paying attention and taking action.
EqualOcean: Finally, can you please give some advice to the manufacturers who go to sea？
Hu Hai: In the past few years, we have seen Chinese companies both inside and outside the park take root and grow and develop in Mexico. They have also experienced many twists and turns, taken detours and paid tuition fees. But anyway, experience and lessons, to sum up, Chinese companies going overseas, especially fledgling overseas companies, may pay attention to several aspects: First, they must conduct sufficient research and demonstration and collect sufficient information. The Chinese government also has a lot of policy guidance. The website of the Ministry of Commerce provides investment environment reports on many countries, and some overseas think tanks like EqualOcean are very important. The second point is that I just mentioned some professional services, especially Localization's professional services, must be paid attention to. Some Chinese companies may not have a good understanding of professional consulting services.
EqualOcean: Weak awareness of payment(laughs).
Hu Hai: Haha, by the way, companies feel that money is thrown into the water in this area. In fact, whether it is legal, tax services, or even the many "traps" in trade unions and manpower just mentioned, they must rely on professional services to avoid risks, rather than crossing the river by feeling the stones themselves. Another is that the team sent is very important, and the leader of the team is very important, which may be one of the key factors in the success or failure of overseas projects. In this regard, we must keep our eyes open and choose good people.
EqualOcean: Thank you Mr. Hu, I think the last point mentioned is particularly important. Mexico may be a sea destination that we have only recently begun to pay attention to, but we must not regard it as a "wild place". It is a very important partner of the US, GDP per capita It is also relatively high. We must attach great importance to industrial infrastructure, commercial legal system, and compliance requirements in all aspects to avoid causing greater trouble in the future. Today, I would like to thank Mr. Hu for showing us the manufacturing environment of Mexico in a three-dimensional manner, and I hope it will be helpful to my friends.
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