Sun Corridor Inc., Sonora Global Sign Historic Agreement to Boost Economic Cooperation
Sun Corridor Inc., Tucson and Southern Arizona’s regional economic development organization, and Sonora Global, the economic development organization for the State of Sonora, Mexico have signed a historic Memorandum of Understanding to promote trade and economic development as a megaregion.
This MOU, the first for Southern Arizona, signifies the intent of both organizations to enhance cross-border cooperation and open a new chapter of collaboration, providing a framework of partnership for the pursuance of economic prosperity in both Southern Arizona and Sonora, Mexico.
In 2023, Mexico supplanted China to become the U.S. top trading partner. While Mexico has long been Arizona’s top trading partner, this shift at the national level will have significant economic implications for Southern Arizona. Between global trade policies and the delicate supply chains exposed during and after the pandemic, companies have determined that diversification of their supply chains are required to remain competitive globally. Businesses are diversifying their manufacturing operations and seeking locations closer to the U.S. with an already favorable trade relationship, like Mexico.
In this shift to nearshore, global companies have the opportunity to capitalize on the geographic proximity between Southern Arizona and Sonora. Each region has its respective economic strengths, which complement, rather than compete with one another. Together, as a megaregion, we can enhance our competitiveness, ultimately increasing business growth and economic prosperity in both Southern Arizona and Sonora.
Industry sectors shared by each region include automotive, advanced manufacturing, electronics, medical devices and aerospace. Efforts outlined in the MOU include the development of an inter-regional marketing plan; collaborative conferences and forums related to cross border industry competitiveness; strategies for cross-border talent development and allocation; and other joint marketing efforts.
“Mexico is the primary recipient of the efforts by manufacturers across a variety of industries to nearshore their operations, as Mexico’s manufacturing sector continues to grow. All indications are that this nearshoring shift is occurring. We want to make sure we are well positioned to capitalize on this opportunity,” said Joe Snell, president & CEO of Sun Corridor Inc.
“By working together as a megaregion, we can leverage our combined strengths, resources, and proximity to create a more competitive and attractive environment for businesses seeking to invest and grow in North America. This collaboration will not only benefit our respective economies but also strengthen the overall economic competitiveness of the U.S.- Mexico border region,” said Arturo Fernández, president of Sonora Global EDC.