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Foto Larry Jun 2022

MEXICO - Economy

Larry Rubin

President, American Society (AMSOC)

Bio

Larry Rubin is the current President of AMSOC. Along with the US Ambassador to Mexico, he represents the 2 million Americans living in the country, as well as businesses and NGOs. Over the past 20 years, Rubin has held leadership positions in American companies and organizations. He was CEO of AmCham Mexico and vice president of the Association of American Chambers of Commerce in Latin America. While working as general director of American Airlines in Mexico, he was elected first vice president of the National Chamber of Air Transport of Mexico. Rubin served on the board and is currently vice president of CONCAMIN. He holds a bachelor’s degree in business administration from Universidad Anáhuac, where he later became a professor. He holds an Executive MBA from the Jones Graduate School of Business at Rice University in Texas, where he received the M.A. Wright Award.

"One of the key advantages is Mexico’s labor force—not only is it more productive than its US counterpart, but it is also highly competitive when compared to other labor forces around the world, which is great for companies."
AMSOC remains optimistic about the long-term business opportunities for Mexico and the US, despite potential challenges posed by the dual elections in 2024.
Which sector has the greatest growth potential for Mexico and the US?

It depends on several factors. If we look at the future of investments around the world, I would say energy, since the sector here has not reached its true growth potential because the government does not support investments there. Fortunately, there are a few projects that have gone through and will start to develop in the coming years; however, there are is still a great deal of misinformation about what the opening of the energy sector means. It is vital for the political leaders in Mexico to understand the importance of the energy sector—only then will we see investment in this sector booming. That depends heavily on who is elected president in 2024. Right now, there are electricity shortages in large parts of the country, particularly in the Southeast. The state of Yucatán has programmed energy outages every week because the grid is insufficient to accommodate Mexico’s growth arising from nearshoring, for example. The industrial sector continues to grow nicely, where the automotive industry remains a key driver of national growth.

What specific advantages does Mexico offer potential investors despite prevailing challenges in the market?

One of the key advantages is Mexico’s labor force—not only is it more productive than its US counterpart, but it is also highly competitive when compared to other labor forces around the world, which is great for companies. Other advantages are our proximity to the US, which is why many companies want to establish themselves in the north of Mexico. Another factor is that there is the considerable synergy between the US and Mexico, not only because of the trade agreements, but also culturally. The largest American community outside of the US is in Mexico, and vice versa. The similarities between both markets is notable. In addition, the time difference—or lack of one—between the US and Mexico is a boon.

2024 looks set to be particularly interesting due to the upcoming elections in both the US and Mexico. What scenarios do you envision, and how could they affect relations?

I expect 2024 to be a difficult year for both countries and bilateral relations. Particularly because the main discussions in the lead up to the elections in the US will have to do with Mexico and drug trafficking, which, if anything, has actually gotten worse. Fentanyl is a significant issue in the US, and Mexico is one of the key sources of this drug. Fentanyl is currently the biggest killer of adult men in the US aged between 18-45. Candidates will certainly highlight this in the lead up to the election. In Mexico, it is popular to attack the US to secure more electoral votes. The uncertainty of not knowing who the next president will be in both countries will drive the negative rhetoric still further.

What exciting projects is AMSOC working on, and what can we expect to see in the coming years?

2024 will be an important year for us, not only because we will host the election night. AMSOC will host Republicans, Democrats, Mexicans, Americans, and everyone from all over the world to watch the election. The last one we did was in 2016, and we had 3,000 people, including Fox, CNN, and everyone else. That will be important for us in 2024. Naturally, the third financial convention will also be important for us, as are all of our monthly events. We will also focus our energy on initiatives concerning NGOs. Currently, we have 67 such initiatives underway, and we will continue to grow that pipeline and positively impact the Mexican community. We will also continue to work with the US Ambassador to Mexico to support Mexican students going to the US for their further studies.

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