New Mexico is positioning itself as a rising star in the international trade game, with Governor Michelle Lujan Grisham leading the charge. This week, in an unprecedented move reflecting global economic shifts and an emphasis on building resilient supply chains, New Mexico and Hota, Taiwan-based Industrial Manufacturing, inked a significant deal.
Hota, recognized for producing top-notch automotive gears for brands like Tesla, pledges its commitment to New Mexico. By 2024, a vast 30-acre facility will nestle in Santa Teresa’s Westpark Industrial Park. Beyond the bricks and mortar, this initiative promises 350 job opportunities, injecting a robust $99 million into the local economy.
This union with Hota occurs at a pivotal time. As global supply chains face scrutiny, the drive to diversify manufacturing sites becomes paramount. With 70% of Hota’s market rooted in the Americas, the company’s foray into New Mexico is both timely and astute. Chairman David Shen of Hota underscores Santa Teresa’s attributes: strategic location, reliable utility supply, competitive labor costs, and a track record free of major natural disasters.
From Taipei City’s U.S. Business Day podium, Governor Lujan Grisham articulated a shared vision with Hota. Their mutual goals is to fortify global trade and propel the automotive sector towards cleaner practices. With conviction, she declared: “New Mexico is on the move.”
Both state and local entities display unwavering support for this venture. New Mexico’s $3 million grant from the Local Economic Development Act (LEDA) Job-Creation Fund and other incentives such as the High Wage Jobs Tax Credit showcases its commitment. The City of Anthony further bolsters this by introducing Industrial Revenue Bonds to alleviate property tax implications.
The economic forecast tied to this partnership is staggering. With projections highlighting a $4.3 billion impact over the next decade, New Mexico’s potential is undeniable. The Santa Teresa Port of Entry, known for being a unique bridge-less US-Mexico crossing, further underscores this potential. Last year alone, this port processed a record 160,000 trucks.
The evolving global dynamics underline a clear narrative: Regions that invest in resilient supply chains, bolster infrastructure, and foster international collaborations are poised for leadership. With this partnership, New Mexico and Hota offer a visionary blueprint for the global arena.
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