Mazatlan exceeds Culiacán in Private Investment in 2019

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The port wiped out the state capital with 53 percent of the total private investment at the state level; the municipalities of Navolato, San Ignacio, Elota, Angostura and Choix did not capture one single peso.

Mazatlan, Sinaloa (Reacción Informativa). – 2019 was a historic year for Mazatlan; For the first time, the port managed to capture a higher Private Investment figure than Culiacán.

The Secretary of Economy of the State, Javier Lizárraga Mercado, shared with Reacción Informativa data and specific figures about the Private Investment in the state until the end of the third quarter of this year, that is, until September 30th, 2019.

Data shows that in Sinaloa, attracted 18.2 billion pesos in projects already consolidated and approved, or in the process of construction. This means that, for each peso invested in public works, five pesos have been invested by the private sector.

“This year we’re looking at 18.2 pesos, and Mazatlan has gotten 53 percent of the total. Mazatlan has focused on tourism and construction; in the case of Culiacán the strongest has been construction and commerce; and in the case of Ahome this year basically the strongest sector has been construction and services in general, ” explained Lizárraga Mercado.

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According to the statistics from the Ministry of Economy, Mazatlan ponders the first place with 9.7 billion pesos, which represent 53.13 percent of what was collected in the whole state; Culiacán records 5.1 billion pesos, which represents 27. 62 percent, and Ahome occupies the third position with a total of 631 million pesos, which is equivalent to 8.94 percent of the total.

Meanwhile, the municipality with the least collection was Sinaloa de Leyva, with 16.6 billion pesos, in Commerce, Mining, Services and ‘other industries’, paying only 0.09 percent. However, the municipalities of Navolato, San Ignacio, Elota, Angostura and Choix failed to achieve a single peso.

Why is it that Mazatlan has been able to obtain more investment than Culiacán?

“Historically, Mazatlan has kept records of 24 to 27 percent of state investment contribution. This phenomenon could occur due to different circumstances, including the consequences of the Tourism Tianguis and the real estate boom in Mazatlan”, explained the State Secretary of Economy.

“But other factors could have influenced this situation, such as the fact that Culiacán has decided not to provide the Tax Promotion Certificates of the State of Sinaloa, Ceprofies, which are tax incentives granted by the government to the employer”, said Lizárraga Mercado

The Mazatlan case

The data provided by the Ministry of Economy is based on information from the CIT, Ceprofies, Mining, Sectur and the municipalities of the 18 municipalities until the end of the third quarter of the year.

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However, the head of the Ministry of Economic Development, Tourism and Fisheries of Mazatlan (Sedectur), David Armando González Torrentera, stressed that from January 1 to December 15 of the current year, it has managed to attract 16.2 billion pesos.

It also highlights that in this municipality the delivery of Ceprofies to large investors has not been denied or spared, and that this year 25 of these certificates have been delivered, which generate a sum of 4,.6 billion pesos.

Despite the current conditions of the national economy and the global recession, the Secretary of Economy, Javier Lizárraga Mercado, estimates that Mazatlan “will continue to do well” for at least three more years.

Foreign Direct Investment

Foreign Direct Investment (FDI) in Sinaloa during this 2019 has remained at 180.6 million US dollars, which represents a 0.69 percent participation nationwide.

Impasse in Culiacán

The State Secretary of Economy details that what has happened in Culiacán is a type of “impasse” that has slowed the pace of investment in the state capital.

“What I am seeing in Culiacán is that 2017 was a very strong year, with 12.6 billion pesos in private investment. Some of the main projects started during 2017 and part of 2018, are still to be completed, for example: La Ceiba, Cuatro Ríos, Esplanade, Corporate … ”

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Proyecto Cuatro Ríos, impulsado por Loma Desarrollos, en la ciudad de Culiacán, Sinaloa

“It feels like a kind of ‘impasse’ caused by two unfortunate factors in Culiacán: the same factor that is happening throughout the country, people are cautious about investing … and the second factor, we have to be honest… there might be an oversupply already in real estate sector of Culiacán, ”he said.
Even with that, until now there is no indicator of capital flight in Sinaloa”… Lizárraga Mercado concluded.


Photography: Karyna Sánchez / Iván Medina

Source: Reacción Informativa

Aún con eso, refiere que en Sinaloa “hasta ahorita no hay ningún indicador de fuga de capitales”.

Foto: Karyna Sánchez / Iván Medina