Mckinsey & Company explained “nearshoring” and the opportunities for the region

During the Business Future of America (BFA) conference, held by the American Chamber of Commerce (AmchamDR), as part of the 100th anniversary globally, Andrés Cadena, leader of Strategy and Corporate Finance and Public Sector Practices of the international firm of administrative and financial consultancy McKinsey & Company, spoke about the challenges of international trade.

Andrés Cadena, leader of Strategy and Corporate Finance and Public Sector Practices, at Mckinsey & Company Latam, explained the different challenges faced by global trade in the search for the necessary resilience to continue operating in the face of new challenges,

“Everything is changing, including global trade. We see how the supply chains that operated in North America face the new labor costs that have increased in the countries traditionally selected as suppliers; We also see important changes around innovation and automation to drive quality in global manufacturing services and products,” he said.

Likewise, he explained that the current mercantile panorama is witnessing a significant phenomenon that responds to the increase in the relevance of NA imports by Southeast Asia, which captured more than 16% in 2021.

This, he added, due to important geoeconomic factors related to China, its environment and the Asian region that thrives on proximity to the country, for purposes of replenishment of supply chains at low costs.

Similarly, the importance of regionalization to increase the resilience of the supply chain was another of the topics addressed during the dissertation, mentioning that at least 10 industries would be impacted by these emerging economic factors, including medical devices, pharmaceutical , machinery and equipment, textiles, food and beverages, rubber and plastic, among others.

“The regionalization and expansion of the supplier base and the supply chain, together with a nearshoring of own production can be some of the main initiatives of the leaders to increase the response of the supply chain”, he said.

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“Of course, it will always be important to take into account other factors such as economic drivers, the feasibility of regionalization and demand behaviors,” Cadena explained during his speech.

During the event, the opening remarks were given by Edwin De Los Santos, president of AmchamDR and Luis Laguerre, president of AACCLA, followed by the vice president of the Dominican Republic, Raquel Peña.

The conference featured renowned speakers including Christopher Dodd, Senator and Special Presidential Advisor for the Americas; Neil Herrington, Senior Vice President of the Americas Program, US Chamber of Commerce; Anne McKinney Vice President, American Chamber of Commerce of America (ENG) Int; Steven Puig, president of ADD BC and David Lewis, vice president of Manchester Trade Int. The plenary speaker was the Minister of Industry and Commerce, Ito Bisonó; Eduardo Sanz Lovatón, General Director of Customs, DGA and President of the National Committee for Trade Facilitation; Basil Khalil, Vice President of FedEx Operations for Central America and the Caribbean Int; Claudia Kattan-Jordan, vice president of Central America, Mexico and Panama of Crowley Maritime Int and the moderator Alexander Schad, president of the Trade Facilitation committee before the AmchamDR.

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