Citi Taiwan and Citibanamex, jointly organized a “Mexico Day”client forum in Taipei to demonstrate Citi’s strong support for clients existing and potential investments in Mexico and foster the further development of the Taiwan-Mexico trade corridor.
“Mexico is now the largest trading partner for the U.S. and it offers tremendous nearshoring benefits such as faster delivery to buyers, lower transportation costs and helping buyers achieve their just-in-time inventory management objectives. Citi has an exceptionally large presence in Mexico and is well-positioned to help our clients with their banking needs,” remarked Aftab Ahmed, Chairman of Citibank Taiwan.
Mexico has emerged as a preferred destination for Taiwanese businesses seeking to establish nearshoring supply chains for expanding into the U.S. market. Over 300 Taiwanese enterprises have ventured into the Mexican market across various sectors including cloud computing, industrial servers, computers, LED TV assembly, and automotive components. The bilateral trade value between Taiwan and Mexico surged from $5.386 billion in 2021 to $6.368 billion in 2023, marking an impressive 18% increase.
Susan Wang, Citi Taiwan Head of Corporate Banking, pointed out the rising trend of “Close to Home” seen across notable global multinational corporations. Mexico is a prime destination for global leading manufacturers due to its proximity to the U.S. market, potentially mitigating risks and costs associated with manufacturing. To support Taiwanese companies’ expansion plan in Mexico, Citi’s global teams are dedicated to deliver prompt service to clients round-the-clock.
Martin Torres, Head of the Office of Mexico in Taiwan, highlighted Mexico’s strategic significance as a gateway to North America, Latin America, and the global market. With clusters such as the automobile and manufacturing industries, coupled with a skilled and cost-effective workforce, Mexico is attracting more foreign investment. Torres urged Taiwanese companies to capitalize on Mexico’s potential and regard it as a frontier to penetrate the U.S. market.
As a leading international bank with a physical presence in 95 markets, Citi is well positioned to leverage the strength of its global network and provide comprehensive financial services and solutions to support clients in business growth. In terms of optimizing working capital and cross-border cash flow, Citi provides corporate clients with international remittance services in 140 different currencies. Moreover, Citi has launched mobile banking for enterprises, remittance intelligent detection services, liquidity management and automated reconciliation services to help clients flexibly handle various operational and funding needs.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
Catastrophic computer outages caused by a software update from one company have once again exposed the dangers of global technological dependence on a handful of players, experts said on Friday. A flawed update sent out by the little-known security firm CrowdStrike Holdings Inc brought airlines, TV stations and myriad other aspects of daily life to a standstill. The outages affected companies or individuals that use CrowdStrike on the Microsoft Inc’s Windows platform. When they applied the update, the incompatible software crashed computers into a frozen state known as the “blue screen of death.” “Today CrowdStrike has become a household name, but not in