South Korea-based companies MR Infra Auto, a producer of auto parts, and TRIS Tubes, a seamless tube maker for the energy industry, will invest $50 million in the north central state of Zacatecas, the state government reported.
"Remotely, we made an investment firm with the Korean automotive company MR Infra Auto for an amount of $30 million," wrote the governor of the state David Monreal Ávila in a message on his personal account on X (formerly Twitter).
The estimated date for the start of operations was not specified, but according to the governor, MR Infra Auto will generate 400 jobs.
In a press release, it was said that on his working tour of South Korea, the governor signed an agreement for TRIS Tubes to invest around $20 million in Zacatecas. The company produces seamless steel pipes for the oil, gas, hydrogen, aerospace and various equipment industries.
MR Infra Auto produces vehicle transmission parts, seat parts and door parts for the global automotive industry. Among its buyers are Ford, Hyundai, Kia and Volkswagen.
Zacatecas is the eleventh largest economy in Mexico for its contribution (0.97 percent) to total GDP. According to the list of the 15 entities with the highest production of auto parts in the country, Zacatecas is not there.
The value of auto parts production in the first five months of the year was led by Coahuila with around $7.6 billion and number 15 is Mexico City with $380 million, according to data from the National Auto Parts Industry (INA, chamber business).
Reports from the specialized press indicate that the most recent automotive investment in Zacatecas was in 2016.