By Real Estate Daily News
Sun Corridor Inc., Tucson and Southern Arizona’s regional economic development organization, and Sonora Global, the economic development organization for the State of Sonora, Mexico today signed a historic Memorandum of Understanding (MOU) to promote trade and economic development as a megaregion.
This MOU, the first for Southern Arizona, signifies the intent of both organizations to enhance cross-border cooperation and open a new chapter of collaboration, providing a framework of partnership for the pursuance of economic prosperity in both Southern Arizona and Sonora, Mexico.
In 2023, Mexico supplanted China to become the U.S. top trading partner. While Mexico has long been Arizona’s number-one trading partner, this shift at the national level will have significant economic implications for Southern Arizona. Between global trade policies and the delicate supply chains exposed during and after the pandemic, companies have determined that diversification of their supply chains are required to remain competitive globally. Businesses are diversifying their manufacturing operations and seeking locations closer to the U.S. with an already favorable trade relationship, like Mexico.
