After the National Registry of Foreign Investments (RNIE) of the Ministry of Economy updated its data for the last quarter of 2025, it was revealed that Baja California closed 2025 with $1.8923 billion, which was less than the amount reported the previous year.
In 2024, Baja California registered a total of $2.4785 billion, documenting a difference of $586.2 million between the two years; this represents a drop of approximately 23%.
While it should be noted that Baja California is among the states with the highest foreign direct investment compared to other states in the country, economic analyst Roberto Valero Berrospe argues that the key analysis should focus on determining how much of these amounts actually constituted new investment, as reviewed by the Bank of Mexico.
He noted that the National Registry of Foreign Investments (RNIE) documents how much of the investment was reinvested profits, how much was held in intercompany accounts, and how much was actually new investment, which is the only type that should be considered.
In 2025, of the $1.8923 billion, new investment was only $228 million, representing 12% of the total.
Of that amount, $817.3 million was reinvested profits, meaning money that companies have available but that their shareholders don’t use to carry out maintenance within their existing facilities in the state.
“For example,” he explained, “they say, ‘We need to paint the facade,’ and they say, ‘It’s better not to give it to me.’ That’s reinvestment; it’s capital that’s already here. The Bank of Mexico says that shouldn’t be considered new investment. When you look at their balance of payments, they only consider new investment there.”
Secondly, intercompany accounts in Baja California totaled $847 million in 2025, representing 44.8% of the total.
“It’s like when Honeywell here needs to make an extraordinary expenditure and calls Honeywell in the United States, saying, ‘I need this much money for this project.’ And they send it; and then it’s sent back. That’s why there are sometimes negative indicators between companies, so it’s not a new flow of investment,” he elaborated.
He insisted that new investment was only $228 million, which is why local economic authorities should be seeking new investments in the state.
For example, it has already been documented that other non-border states are outperforming Baja California, so the state’s geographic location bordering California in the United States is no longer a competitive advantage.
“Baja California shouldn’t be compared to other states, but rather to itself. It’s a border state that needs to focus on attracting new investment. Its ranking below other non-border states speaks volumes,” the specialist concluded.
Source: oem
