New Mexico goes for a stronger promotion of trade at the border

NEW MEXICO – In an attempt to strengthen opportunities in the border market with Mexico, the state of New Mexico intends to assign approximately US$74.5 million to different programs to promote investment and worker training.

Companies and businesses located in areas like Santa Teresa, Columbus, Las Cruces, Sunland Park, among others, could benefit starting in 2022.

New Mexico Cabinet Secretary Alicia J. Keyes announced that the budget proposed by Governor Michelle Lujan Grisham for the Economic Development Department (EDD) will expand efforts to maintain a diverse and secure economy.

Keyes said the proposed budget would allocate an additional US$4.4 million to EDD’s General Fund. Priorities include support for rural, tribal and underserved areas; as well as more resources for small businesses, recreational activities, job training and outreach for market opportunities in the International Borderplex.

The Executive Budget also includes the replenishment of the job creation fund, the Local Economic Development Act (LEDA), and adds resources to build essential infrastructure in industrial and business parks totaling US$50 million.

It also increased funding for the Job Training Incentives Program (JTIP) to $6 million and provided US$7 million in special credits, increasing total training grants to US$13 million by FY 2023.

Also, US$1.2 million will be allocated to create the Office of Justice, Equity, Diversity and Inclusion (JEDI); US$450,000 for filmmaker grants; $400,000 to fund business incubators; US$300,000 for four regional economic development representatives to expand outreach and access to business and community development resources.

In addition, US$500,000 was earmarked to expand EDD’s outreach to attract foreign direct investment. An additional US$250,000 will be awarded to market outdoor recreational economy opportunities and an additional US$500,000 will be provided for collaborative marketing with local communities.

An additional, US$1.5 million will be allocated to create a bioscience incubator, while US$2 million will be used for recreational trails and infrastructure grants.

Source: MEXICO-NOW Staff