Este episodio de la Estrategia del Día es patrocinado por Aeroméxico. En 2025, más del 90% de los vuelos de Aeroméxico llegaron a tiempo. Una operación que tras casi 200 mil vuelos en el año, la colocó como la aerolínea más puntual del mundo. Así que ya lo sabes, si quieres llegar a tiempo, viaja con Aeroméxico. Conoce más en el link de la descripción. Muy buenos días. ¿Se acuerdan que ayer hablábamos de los cómos? Pues ahora me senté a platicar con los verdaderos comos, los encargados del financiamiento a los proyectos de inversión para que México despunte. En otro foro internacional, México estuvo presente en la Global Conference del Milken Institute. Tenemos de invitada a una voz conocida. Apple se interesa en Intel y su acción se dispara. Y Larry Fink de BlackRock proyecta un nuevo activo. No olviden hacer clic al botón de seguir del podcast, activar la campana, para que puedan recibir la alerta de un episodio nuevo cada mañana. What are we talking about? We're talking about the how to detonate the investment in Mexico and what the federal government requires to push the economic growth. A day that we presented this series of actions to destrabate the investments with the initial promise of eliminating the bureaucracia in the projects to develop in the country by the firm of a couple of decretes, This was a finger because it gave the carnita to profundize during the annual conference of the Council of the Americas in Mexico City, a organization integrated by international companies leaders that represent a wide range of sectors and that share the commitment of economic development, open market and promote the right and democracy in the entire hemisphere. Su presidenta y CEO es Susan Seagal, una mujer muy respetada en el sector financiero y privado, que ha sido reconocida y condecorada a lo largo de su trayectoria. Vamos a escuchar un poco de lo que dijo al inaugurar este evento. Reconocemos el compromiso del gobierno de la presidenta Sheinbaum por impulsar una agenda de crecimiento que busca fortalecer las condiciones para generar mayor inversión con desarrollo. The Mexico Plan is a good example. It has gone from a vision to a concrete path with initiatives like the Plan of Investigation in Infrastructure recently announced that opens opportunities for participation in private sector in strategic projects. In this same line, we recognized the measures announced yesterday by the government to facilitate the investment. It's a show that they've heard the private recommendations of the recommendations and that there is a force to agile process and generate better conditions to invest. Thank you. el gremio al que originalmente pertenece, de que pidieron al gobierno cero obstáculos y que ahora, con lo que presentó la presidenta Claudia Sheinbaum respecto a la simplificación de trámites y las ventanillas únicas, el gobierno les dice ahora a los empresarios cero excusas. Vamos a escuchar. Ayer pedimos algo y se nos dio. Les dijimos cero obstáculos. Ahora ellos nos dicen cero excusas. Necesitamos más inversión y necesitamos que empiecen hoy. Eso que dice Altagracia Gómez es algo que repiten algunos miembros del gobierno, como Jorge Mendoza, el director general de Banobras, el principal interlocutor del gobierno con los desarrolladores de infraestructura, respecto a que no hay tiempo para esperar a invertir, que es mejor hacerlo hoy. Esto en el entendido de que les urge y en un llamado a las empresas a no esperar a que pase, por ejemplo, la revisión del T-MEC para hacerlo. The call is urgent, and that is what they are reforzando when they listen to them in some scenario like this. This meeting, which occurred on May 5th, in Mexico City, along with the presence of Altagracia Gómez, also the secretary of Hacienda, Mari Carmen Bonilla, the president of the Consejo Coordinador Empresarial, José Medina Mora, even the meros-meros, encargados of the part of financing to the investment projects, the private and the development of the bank. That's why it was like anillo to the dedo. Algo que llamó mi atención fue que dentro de este discurso se han estado despegando de la palabra potencial. Es algo que me ha gustado preguntar en el último año cuando me toca moderar conversaciones con economistas, líderes empresariales o funcionarios de gobierno. ¿Cuándo dejaremos de hablar del potencial para realmente ver la acción? La respuesta casi siempre era la misma, que esa era la pregunta. Y ahí se quedaba, en grandes signos de interrogación. Well, the afternoon of this Friday, 5 May, I heard from the first time that they are starting to talk about ejecución and not precisely potential. And in fact, so I was resumed Katia Bouaza, director general of regiones of BitInvest, which is the brazo of the American Bank of Development, that supports with financing to private companies in projects of investment. She said that in the last year, something has changed and the conversation is not about potential, but about ejecución. Hallelujah! That's what I say. But there's a lot of film for watching. However, it's refreshing that it can begin to be a debate about the mechanisms that put in marcha and the expectations in the cumplishment of this plan that has been implemented from the federal government to recover terrain in terms of development and growth. For example, the secretary of Mari Carmen Bonilla said that Hacienda already works in the investments for financial projects, this is part of the implementation of the financing vehicles of financing that contemplate in the new law of infrastructure. We'd like to know which one, but it's hard to get the first one that always gives us to the president Claudia Sheinbaum. Bonilla describes it as a paraguas for those in previous years, they had to have the Hacienda and asked how they could invest in the country. They are different investments, both for private capital and for foreign investments. At the end of the event, I also had one of the most interesting conversations because I could talk to you with two representatives of the development bank from a regional perspective and local perspective, who were Eric Parrado, of BitInvest, and Jorge Mendoza, of Banobras, as well as two representatives of the private bank and investment bank, who are Ernesto González, managing director of Macquarie Asset Management, and Felipe García Moreno, president and CEO of JP Morgan in Mexico. Felipe Garc Moreno pint un panorama en el que desde su perspectiva como banco global con presencia en el pa notaron un cambio significativo a partir de finales de 2024 y todo 2025 en cuanto al inter de inversionistas institucionales y estrat lo que se refleja en niveles de actividad superiores a lo que se vio en 2024, y esto en términos de fusiones, adquisiciones, en emisiones corporativas y de deuda. Hubo mucho optimismo alrededor de las respuestas que dieron la mayoría of the guests to this conversation on the stage. But maybe the Eric Parrado of BitInvest was the most front, because he said that we were in a moment Hotel California. Let's leave it for you to listen. A ver, we're in a world of global uncertainty that is becoming the normalcy of it. And I try to find a analogy for this, and we're in a moment Hotel California. What does this mean? I don't know if you've heard the song of Hotel California. It says, you can check out anytime you like, but you can never leave. And we're living in that moment in which we can't, no, right, go to this hotel. But if we can't go to the hotel, it means we're better to enjoy it. And we're trying to reduce the uncertainty locally, at the level of the country. And I think that's what we're doing today, Mexico. Mexico is with a Mexico plan structured, with a architecture, with a plan of investment, with a plan of infrastructure, and with the latest announcement on immediate measures for investment. And that is what have to do the countries. Because so, obviously, the flux of investment will reach Mexico. And that's important because one can say, hey, we're living a complicated world, but relatively, I'm sure and optimistic, that Mexico will be able to take very well for this and has to take advantage of that opportunity. And so, what we have to do is like a force, because here the optimism is evident in terms of how to find those projects bankables and how to make the necessary investments to continue developing Mexico. Se sumó la opinión de Ernesto González de Macquarie, quien dijo que el capital existe, pero la cuestión ahora es cómo encauzarlo. Y aquí entra una pieza fundamental, que es Banobras, a cargo de Jorge Mendoza, en el cargo prácticamente todo lo que lleva el proyecto de Andrés Manuel López Obrador, y quien además se conoce al derecho y al revés, algunas de las transacciones más importantes como la venta de plantas de Iberdrola, the design of the fiber E or the creative mechanisms that were used recently for Pemex. Actualmente, there is a great task in manobras to revert the collapse of the 28% that was seen in 2025 in the public investment and whose explanation is sometimes in the classic first year of government where everything always is adjusted. However, realist also Jorge Mendoza recognizes that, from the economic data, Los hace pensar en fortalecer sus medidas de política pública, al menos las que dice están en su control. El papel de Banobras en el Plan de Infraestructura y la Ley de Inversión en Infraestructura es fundamental porque se contemplan inversiones por 5.6 billones de pesos hacia 2030, de los cuales el 54% corresponden al sector de la energía, mientras el resto iría a carreteras, puertos, hospitales y educación. Jorge Mendoza adelantó que prevén inversiones por 150 mil millones de pesos en proyectos licitados este año 2026 con ayuda del Fondo Nacional de Infraestructura, conocido como Fonadín, y que serán en proyectos multianuales. El objetivo es la inversión mixta, es decir, proyectos que sean compatibles con la visión del gobierno y con la de las empresas, para que puedan ser bancables y entonces puedan recibir recursos tanto de los inversionistas como del sector privado. Vamos a escuchar un poco de la conversación que tuve con Jorge Mendoza, director general de Banobras, en el escenario de este evento de Council of the Americas. ¿Cuál es esta oportunidad? Ya analizamos, aparte de lo que va en camino, 5.6 billones de inversiones. Tan solo ayer, nada más en la parte carretera, anuncié que estamos viendo inversiones por 523 mil millones de pesos. If we see for sectors, of these 5.6 billion dollars, the 54% is energy. The rest are roads, hospitals, education and everything else. And this is only what we are seeing in the government. It is, what will be the government, but what will be the government with the private sector. And there are many opportunities in the future. And the Plan México has a focus on how to produce more in Mexico. how to be more rentable, how to be more competitive, how to help companies, how to reduce the benefits, how to make things more digital. And we are waiting for a platform, a base, so that somehow there is a fertile land for the investment, and that the participants are coming, because it is the first step, and then we can get, the four that are here present, a poder hacer esos proyectos realidad y que realmente lleguemos a un crecimiento más cerca del potencial que no hemos visto en los últimos años. Y considerando ese análisis de los 5.6 billones que mencionas, por ejemplo, para este año, ¿cuál es el monto que han identificado que podría invertirse de forma inicial? Muchos de los proyectos se licitan y se arrancan este año. Entonces, vamos a ir viendo, Part of these resources are going to be able to be plurianual. The important thing is that it is in action. Pemex began with 21 projects that he was doing in the part of exploration and production. I have no idea about 8. Also, he opened the door to private investment in the petrochemical. He announced the project of Escolin. He announced other projects, Amoniaco, among others, also precursors. In the part of the electric, They were in the last year's first convocation, with around 3.5 GB. We are in the second round, we hope to reach 10 GW. We'll see how many of these projects the Federal Committee of Electricity and the CENER are in the same way. We're in the list of investments in the road, we've got three, and we're going to go ahead. We, at least from the Banobras and Fonadine, We also expect to take 150 million dollars of projects this year. Obviously, they are going to start and they are multi-annual projects. They are going to start the doors, first the Manzanillo and others in the way. So, what we are starting to see is that there are many industries that are already taking action to attract private capital. Why do we need it? I'm going to go to the principal point. The 22-23% of the PIB, which is the investment, the 85% is private. No, we can't do a program of investment that closes the country's breaches that requires the country only as a public sector. What we can do is make up politics public, make a land fertile, give them legal security, help them with financial financial aid, so that they can reach that capital. And about these vehicles specifically, what opinion are you in particular? Are you going to see very active? Well, we have the first one. The first one was the Pemex. For It was a success It helped improve the Pemex calification It helped us to get the current with the providers because we gave us more expertise For 250 de pesos fue un Ayud a mejorar la calificaci de Pemex Se ayud a ponernos al corriente con los proveedores porque le dimos m espacio fiscal a Pemex Se ayudó con las inversiones de 2025. Y ahorita estamos trabajando en varios mecanismos para poder hacer tipos de transacciones. Vamos a hacer asociaciones mixtas en todos los proyectos renovables que vienen en camino. we will be participating with financing and capital by the Bank of Desarrollo we are working also to make vehicles for the part of the trains where possibly there will be concessions we are making a vehicle for Mexico Pachuca we will probably make vehicles for the rest of the trains to the north that will be in the new Laredo, that will also be in Guadalajara we have a vehicle for Escolín where the 15% is due to the government 85% es dueño de una compañía privada y el financiamiento viene por la banca comercial y por la banca de desarrollo entonces ya los estamos viendo pero como estábamos marchando como a un territorio desconocido porque estamos haciendo un cambio en estas figuras quisimos hacer una nueva ley y yo le llamo una ley paraguas es una ley que abarca mucho territorio y muchas leyes y lo que nos da es un poco más certeza en estas inversiones mixtas y en estos vehículos de propósito específico in the fideicomisos, for that we can't ancify to a law, but obviously, depending on the sector and depending on the type of project, this law leads to other laws. But something that we forget about this law is not only promoting vehicles, it is also to make a better plan of infrastructure to go ahead. We create a committee that will be held by the president, and what we want is that, as in the sector of the electric industry, we have a very good plan of planning for the next 30 years, que se va actualizando cada año y se hace una actualización mucho más robusta cada cinco años, queremos tener una planeación mucho más robusta para todos los sectores, para que todas y todos los mexicanos desde hoy, desde mañana pasado, sepan cuáles son las necesidades de inversión realmente en todos los sectores y que cuando haya cambios de gobierno, la propia población, los propios votantes, si llega a haber una desviación de ese plan, le exijan a los gobernantes entender por qué hubo un cambio o por qué se está haciendo otra cosa, de lo cual creemos que es la manera de cerrar esas brechas. Entonces nos va a servir como esta ley, no solamente para crear estos vehículos, sino también como un eje rector para la planeación de infraestructura en nuestro país para los próximos décadas. Justo ahora que hablabas de las redes eléctricas, digo, antes de pasar a otra pregunta, para que no se me olvide, así como vimos este mecanismo creativo con Pemex, los pickups, las notas percapitalizadas, ¿podría venir algo similar para la CFE? A ver, CFE tiene, es mucho más sencillo que Pemex. Primero, el tipo de proyectos en CFE son mucho más fáciles de medir. En la parte de generación, la mayor parte de los proyectos son anclados por parte de la CFE. La mayoría de estos proyectos que vienen de energía renovable, el 70% va a ser anclado por la CFE, el 30% serán anclados por otros participantes o se podrán ir al mercado electrician. So, there is a difference in terms of risk and rendition, the part of hydrocarburos and the part of the electric. CFE has the advantage of that the part of generation, I think we have solved it. CFE is the part of the gas, and we are opening the possibility of the private sector to enter the part of the renewable. In the part of The part of the transmission, that I would say is one of the spaces where more investment is required and more rezago exists, we need to invest around 10 million dollars almost instantaneously. And there are two instruments. The first is participate with the private sector in some type of contract long-term. And the second is the Fibra E, which was created in 2018 for your servidor. So, I know I'm very well. Yo estuve en la CFE estando ahí y ya el equipo de la CFE se manifestó, ya apalancó esa fibra y estamos viendo que van a utilizar esa fibra para poder seguir expandiendo y fortaleciendo la red. Now, it's not only to invest in the network so for itself, it's been a whole analysis from the beginning of all the energy needs in the country, what are the capacities that Mexico has, what are the resources, what are the technologies that serve and what are the new technologies that come in the way. And there, as public officials, we have to be very careful in where we dedic our money, which is the money of the people. We are dedicated to new technologies, we have become early adopters or late adopters. And I often say that we have to work with the private sector to help us navigate in this world where technology is changing so quickly in all sectors, including the electricity and energy. So, what we're seeing are batteries, we're seeing hydrogen, we're seeing that every time is becoming more relevant the issue of the almacenamiento. And here, our colleagues from the CFE, from the CENER, the Secretary of Luz Helena, they have a very important channel where we're working with other countries, with other organizations, with consultants, with the same academics here in Mexico, to know really where we are. Lo que sí te puedo garantizar es que la parte pública tenemos los recursos suficientes. Y estoy seguro que si damos la certeza jurídica y la certeza financiera, todos los privados están esperando para poder realmente también desembolsar en el sector. Muy completas las respuestas de Jorge Mendoza, de Banobras, un poco para saciar el interés sobre estos nuevos vehículos y la ejecución del plan del gobierno y de los proyectos bajo este mecanismo de inversiones mixtas. Por cierto, al término de la charla le dijo a Bloomberg Linea que Pemex tiene suficiente presupuesto para poder atender sus necesidades de financiamiento y de inversión y que si la presidenta les pidiera que puedan ampliar el programa que se hizo el año pasado de los pickups, estarían listos también con liquidez. Apunten esto último. Y finalmente, ya de colofón les preguntaba a todos en el escenario sobre cuál creían ellos que iba a ser el sector más ganador en términos de financiamiento de este 2026 y hacia 2030. Y todos coincidieron en que el sector energético se va a llevar gran parte de ese financiamiento. La voz. You will say, well, if we have many voices, well, yes. But this is International, and from another event that happened this week in Los Angeles, California. The global conference of the Milken Institute, which is a think tank based in the United States, a partidista and without fines of lucro, is also dedicated to accelerating economic development and social. And who think is that there is one of our voices consent of this podcast from 2023? me parece que nos reporta desde Davos, desde el Foro Económico Mundial. Enrique Perret, director de la US Mexico Foundation. Enrique bienvenido nuevamente a estos micr de la Estrategia del D se dice por all de M Cu todo Jimena everything Ximena a salute to you and your editor I from Los Angeles in this global conference of the Milken Institute It's been over 27 years that this conference is where the audience are the financials of the world, all the world's managers, the funders of investment. I've concentrated here almost 35 trillion dollars in this management of funds. And they are funds of pension, sovereign funds, family offices, private equity funds, VC funds, of all the other. But obviously there are also employees, executives, funcionarios de gobierno, gobernadores, senadores, de todo un poco. Hay presidentes de algunos países de Latinoamérica. Y bueno, lo importante es que hay una delegación mexicana bien grande, participando en muchos paneles. En años pasados siempre veíamos a los mexicanos en un panel sobre Norteamérica o en algún panel sobre Latinoamérica, pero en este año sí vemos mucho más participación de mexicanos en paneles ya sectoriales, ya sea de tecnología, de AI, o en temas de lujo, por ejemplo, con Berta González de Caza Dragones, o en otros segmentos, ¿no? Eso me parece que tiene que ver con la apertura también de la oficina del Milken Institute en México, con Ana Céspedes, obviamente los eventos que el Milken está haciendo también en México, los fellows, que yo tengo el honor de ser uno de esos fellows, And well, it's that participation of Mexico in international forums, in these global institutions like the Milken. And well, today we have gathered, in the last three days, more than 1,000 speakers, 200 sessions of all the topics, Jimena. We saw nuclear nuclear issues, health issues, AI, which was a lot of center. Jensen Huang, but also the issue of sports, entertainment, Tom Brady, Shaquille O'Neal, Serena Williams, governors like Ron DeSantis, Gretchen Whitmer, Michigan, who is a fiel believer in North America and in the USMCA, with Mexico and Canada, he asked to revise and he asked to extend 16 years more. He said that it is the core of the competition with China and the competitiveness of North America in the automotive sector. Ron DeSantis focused more on local policy, affordability, in terms of housing, the reduction of taxes in their state, mainly in property taxes, but also compared to New York, and with Los Angeles, and he says that the governor Newsom is the principal promoter of Florida because he has sent a lot of capital to Florida, which has been left out of California for the high taxes that they pay here. Other panels and other sessions in which Mexico participated in the USMCA with the Business Roundtable and with some Canadian companies. There was a meeting on the New Mexico, in particular, very focused on the new news of the Mexico Plan, and this regulatory reduction or facilitation to the investment, that we know that in Mexico, the investment is priority. Today, more than ever, we have to reach that 24% or 25% as a percentage of the PIB. And well, a discussion also super-acalorated between Rahm Emanuel and the ex-governor republicano John King. A little bit of all, Jimena, is important to participate much in this. Today in a very complicated year and of a lot of commercial revision with the United States and Canada, and many other topics that accompany us in terms of security, migration, water, climate change, among others. Thank you Enrique Perret for telling us first of all what happens from the Milken Global Conference around Mexico and making us know that in the commercial issue, it doesn't lower the temperature. And that's why it's important more than ever the visibility of the country in this type of international forums. Saludos hasta la tierra de Hollywood. para producir sus procesadores, los de sus dispositivos, en Estados Unidos. Sería una tremenda jugada porque Intel sería entonces la opción para no depender únicamente de TSMC, de Taiwan Semiconductor Manufacturing. Bloomberg reportó que Apple está iniciando estas conversaciones. Y otra pista es la que ya dio también esta compañía, Apple, al realizar visitas a una planta de Samsung en desarrollo en Texas, que también va a fabricar chips avanzados. Gracias a esto, las acciones de Intel se dispararon el 5 de mayo, elevando su valor por encima de los 500 mil millones de dólares. Las acciones avanzaron 12.95% hasta los 108.18 dólares, con un rendimiento de 174.71% en el año y de 433.70% en los últimos 12 meses. Noticia que le viene bien a los inversionistas pacientes de Intel. El último sorbo. Imagine this new type of activity, futures of computing. It's the idea of Larry Fink, the mastermind of BlackRock, the biggest biggest activity in the world. Just in his participation during the global conference of the Milken Institute, Fink said that the global demand of the calculation is so huge that operators will be able to invest in a future for it. That is, that a new type of activity will be the purchase of computing. What about? He said that the United States has enough capacity, so as chips and memory. Interesting what he said, Larry Fink. Remember that BlackRock is currently investing in thousands of millions of dollars in data centers and data centers, through companies with Microsoft, Nvidia and MGX, and with a investment investment of the United States. United States. Guarden este dato por si se hace realidad. Lo mejor de la información económica y de negocios ya saben que está aquí en la Estrategia del Día. Estamos en Spotify, pero también en Apple y Amazon. Recuerden que pueden ver la transmisión diaria en video por YouTube y por ex Twitter, arroba la estrategia MX. En Instagram sigan a la estrategia del día y a mí me encuentran como Jimena Business. Feliz mitad de semana. This was the day strategy, written and narrated by Jimena Tolama, produced by Arturo Luna and Daniel Hernandez. Have a very productive day.
