Richardo Franco Romo, Global Commercial Director of PRODENSA, explains the many advantages of setting up operations in Mexico, a significant investment destination for US and foreign companies due to its strong economy, stable macroeconomic factors and vastly improved infrastructure. In 2023, Mexican exports were $500 billion with 86% coming to the US. Ricardo also shares the many special bonuses that employees receive; issues of corporate governance and taxation; and various HR laws for vacations, maternity/paternity leave, healthcare, among others. As a largely top-down, paternalistic work environment, the family plays a key role in employee retention programs (such as grocery coupons) and bonuses paid for punctuality and transportation. Culturally, the concept of time (“Ahorita”) has multiple meanings and East Asian manufacturers, especially Koreans, face particular challenges. Nevertheless, the workforce is extremely productive; technical talent is abundant and growing; the threats of bribery and extortion are real but less than 2% of GDP; and salaries/wages remain far lower than in Europe, the US or Canada. Highlights: {01:57} The benefits for companies to set up operations in Mexico {08:21} Maquiladora factories in Mexico {14:38} Mexican laws foreign investors need to be aware of {21:48} Cultural issues in Mexico {30:26} Top-down cultures in Mexico {31:55} The most difficult countries PRODENSA counsels {42:35} The fear of bribery, extortion, kidnapping, etc. in Mexico Ricard Franco bio: Ricardo Franco is the Global Commercial Director of Grupo PRODENSA, a firm that has helped with the start-up or expansion of over 1000 projects in Mexico and operates in 25 countries. PRODENSA’s services involve establishing inbound manufacturing operations, handling HR and taxes, regulatory compliance, job hiring, and many other functions. Ricardo holds a degree in Global Business from the University of Monterrey in Mexico. He brings over ten years of experience in business development and attraction of foreign investment. Ricardo specializes in strategic planning for the growth and establishment of manufacturing and service companies in North America. He is a global speaker, addressing topics such as foreign investment, new business creation, talent attraction, and global mobility. Connect with Ricardo: Website: https://www.prodensa.com LinkedIn: www.linkedin.com/in/ricardofrancoromo Instagram: IG: @rfranco93 Hear more episodes: https://auerbach-intl.com/podcasts Learn more about Auerbach International: https://auerbach-intl.com Get free quote: https://auerbach-intl.com/get-quote/ Global Marketing requests: globalmktg@auerbach-intl.com Get the insurance settlement you deserve: www.IGICworldwide.com Business Intelligence and growth: Rainmakers' Forum Report Order Form DanSing Pancakes. Great song and book to teach kids to resist drugs, drink and smoking … and make healthy life choices: www.DanSingPancakes.com WorldUpstart, Build the Strategy, Connection, and Roadmap to enter the U.S. market: https://www.worldupstart.com/online-program Mastering Cultural Differences. Help employees feel valued, respected and wanting to stay: https://www.masteringculturaldifferences.com The Global Academy. Avoid cultural misunderstandings and gaffes with employees and clients: https://www.masteringculturaldifferences.com/the-global-academy To register for Global Academy: https://www.masteringculturaldifferences.com/offers/zCNb6YoX/checkout?preview=true *** For Global Gurus listeners only, enter coupon code GG50 for $50 off the course registration. Facebook: https://www.facebook.com/auerbach.intl LinkedIn: https://www.linkedin.com/company/auerbach-international YouTube: https://www.youtube.com/channel/UCbb1Tq_Xm5c7l6qBitF78Dw What Global Gurus subjects would you like to learn (more) about? [email return to Philip@Auerbach-Intl.com]