Texas will bet on Mexican Millennials

“There’s no doubt: the business relationship between Mexico and Texas is huge; and as such, independently from the government’s attitude on both sides, it is a reality to be defined and there should be a regional strategy to execute, headed by the private sector. It is urgent and necessary to maintain the competitiveness inside the global environment.”

This was the comment that Francisco De la Torre, General Consul from Mexico in Dallas, Texas, shared with me various days ago; precisely before the both of us presented on an important Forum for “Doing Business in Mexico: What Business Owners and Executives Need to Know”, hosted by the Global Tax & Advisory Group of SAVILLE CPA & Advisors, a  premier, full-service accounting firm of the mentioned North-American city.

“The official statistics say that from the total volume of exporting from the United States, approximately the 17% are generated in Texas, and that from such quantity the 40% is sold to Mexico and the 9% to Canada, and the rest to more than 25 countries.”—Consul De la Torre explained during his presentation about the importance of the relationship between Texas and Mexico.

Now, taking advantage of the conclusions the Consul made, during my presentation, I focused on the awareness of the collaborating business culture that Mexican Millennials are developing; so I asked them to imagine for a moment that all exportations from Texas rested exclusively in the hands of two Companies, and that they were the CFO of one of these companies.

Then I asked them:

1) What will you do to make your Company more competitive?

2) Where would you maximize your structure and production costs?

3) In which new market would you bet on for your strategy?

To answer these questions, we continued to reflect, that for years we have seen both parties (Texas and Mexico) as two “simple points” where we buy and sell products, because until today, we focus on auto parts, petrochemicals, steel, electronics, agricultural products, etc.

Never the less, I was explaining that it is urgent for us to start talking about exporting disruptive services and concepts like Health Tourism, the assessment on Sustainable Edification or Risk Management, among others.

The reason is simple, I said, the new generations, specifically Millennials in Mexico, represent around 30 million of the new consumers, and in 5 years they will, literally, demand us that we sell them things significantly different from the ones we are used to.

We should be aware that these young people are now educated on 100% bilingual, multicultural environments with a global vision; and these facts are precisely what makes them “Citizens of the World”; and they are what is obliging business men to have an urgency for designing new business strategies that go beyond their local vision, and this allows them to manage new topics focusing on new services and on disruptive consuming principles like Digital Access, Sustainability, Globalization and Innovation, among others.

Click here to read a full recap of the event.

Florentino Elizondo; Esq., CPA.
President & CEO
DEC / Member of ICBA

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