Earlier this month at a press conference, the president-elect Lopez Obrador revealed that Chetumal, Quintana Roo will be turned into a Mexican Free Zone. Such a move spells trouble for the Corozal Free Zone as the Mexicans are looking at doubling minimum wage, cutting taxes by fifty percent and having equivalent fuel prices as the United States. Tracy Taegar-Panton, Minister of Trade and Investment, noted that the government is working on a plan to make Corozal Free Zone more sustainable.
Tracy Taegar-Panton – Minister of Trade and Commerce: “The last year and a half we have been working on a consultancy along with the Inter American Development Bank at looking at how we can expand what we are doing at the Free zone so it’s not just a port for trade of goods but that we can offer other services at the zone so that it can be a viable in the medium to long term. So this is an ongoing discussion long before this announcement came from the Mexican President. We have plans in play to expand the role and functionality of not only the Corozal Free zone but the other Free Zones in the country so that they can remain viable.”
The free zone program for the entire northern border of Mexico should come into effect on January 1, 2019 and is planned to move to the Quintana Roo area later in the year.