The Mexican government announced an update to its Plan Mexico industrial policy, aiming to fast-track permits for projects worth more than $110 million, El Economista reported on May 4. The initiative will also provide legal certainty to avoid double taxation.

President Claudia Sheinbaum signed the decree, noting it was a result of a collaboration between the government, private sector players and international observers. Eligible projects will be authorized within 30 days, and those that do not meet the criteria will receive the required authorizations within 90 days. The update comes more than a year after the government unveiled Plan Mexico to mitigate uncertainty and attract investment to Mexico amid U.S. protectionist policies. The industrial policy aims to direct investments in specific sectors and certain areas of the country via public-private partnerships and the provision of tax and other incentives.