Nearshoring, the practice of relocating business operations to neighboring countries, is revolutionizing global trade. This strategy offers benefits like reduced logistics costs and enhanced supply chain resilience. Mexico is emerging as a prime nearshoring partner for U.S. companies due to its proximity and trade agreements. Geopolitically, nearshoring is reducing reliance on China, triggering legislative actions, and reshaping global trade dynamics.
However, nearshoring faces challenges like border infrastructure and trade complexities. Investments in infrastructure, supply chain transparency, and cooperation are crucial to navigate this landscape. In conclusion, nearshoring is a transformative force with promising U.S. and Mexican trade prospects.
Pharr EDC and RGV Partnership recently hosted an event at Tierra del Sol Golf Course, highlighting Pharr’s potential as an industrial hub. Key speakers, including Victor Pérez, discussed “nearshoring” and its significance.
Attendees toured Pharr’s industrial parks, gaining practical insights. Plans for future summits and collaborations were announced. The event showcased Pharr’s investment opportunities and the role of partnerships in regional development. It solidified Pharr’s position as a leader in industrial progress.
The Pharr EDC launched the Pharr Economic Initiative, and paved the way for investors in Mexico to take advantage of the business opportunities right across the border, with a highly successful 1a Cumbre de Negocios in July 2023.
The summit, held in Monterrey, Nuevo Leon, Mexico, brought together investors in Mexico, the Pharr EDC, and their relevant partners to help investors facilitate the process of nearshoring operations in Pharr.
The summit addressed some of the biggest obstacles and questions facing Mexican investors who wish to expand their businesses across the border, and highlighted Pharr as a strategic partner in this endeavor.
Topics of the summit included the following:
Expanding the bridget between Pharr and Mexico
Development of strategic infrastructure such as storage and warehousing
Immigrant and non-immigrant visas
Customs regulations and considerations
The successful summit generated abundant interest and inquiries from potential investors. As the first step in the Pharr EDC’s initiative to promote the city as an ideal location for nearshoring ventures and international business expansion, the summit will be followed by additional resources and another summit.
Pharr President and CEO Victor Pérez also revealed Pharr EDC plans to partner with the University of Texas RGV to develop robust resources, such as legal aid, for international investors.
The goal of the initiative is not only to support Pharr but to expand economic opportunities throughout the entire region, creating mutually beneficial partnerships and encouraging economic and business growth.
Find below the complete article with the Texas Border Business.
For their role in Pharr’s broadband initiative, TeamPharr.net, the Pharr EDC earned a Community Development Award (CEDA) from the Texas Economic Development Council (TEDC) on October 20.
A collaborative project between the City of Pharr and the Pharr EDC, TeamPharr.net serves as an innovative and affordable way to connect families within Pharr to online opportunities such as school, work, and healthcare.
The Pharr EDC earned their CEDA award in the category of Secondary Benefits, and earned merit recognition for outstanding achievements in Economic Development.
“There was a lot of good competition in the category for Pharr,” says Raudel Garza, TEDC Board Member. “What made Pharr stand out is that it was very unique in its outreach to the community.”
Pharr’s broadband project is now serving as a model for other communities who are looking into their options for creating broadband connectivity. The Pharr EDC provided the funding that made TeamPharr.net possible.
“I’m very proud of the EDC and also the city of Pharr, for all its leadership,” says Pharr Mayor Dr. Ambrosio Hernandez, “for thinking ahead, for thinking not only about business but also about community development, where everybody can win.”
For Pharr EDC President, Victor Perez, this type of collaborative community outreach is the perfect example of what makes Pharr a growing city.
“The mayor is a very visionary person,” he says. “He believes in partnerships, and that’s how we get things done. The City of Pharr is on the rise.”
The TEDC fosters a positive business climate in Texas and is the largest state economic development association in the nation.
To learn more about this award, watch this video.
Welcome to the 2nd Quarter Edition of the 2022 Pharr Economic Times Newsletter! On behalf of our board, staff, and members at the Pharr EDC, we thank you for your continued support and business. It has been another successful and busy quarter, and we are excited to share our many exciting economic development projects and news with you.