A Canadian–Mexican trade mission has resulted in a major $2 billion investment commitment for Mexico’s industrial sector, centered on the construction of a pharmaceutical ingredients manufacturing facility in the state of Hidalgo.

The project is led by Solar International Core Canada (SICC), which signed a memorandum of understanding with Hidalgo state authorities. Under the agreement, SICC CEO Babak Arefpour and Hidalgo’s Secretary for Economic Development Carlos Henkel confirmed plans to acquire land in Zapotlán, with an initial $70 million allocation earmarked for site development. The facility will focus on producing active pharmaceutical ingredients, strengthening North America’s pharmaceutical supply chain capacity.

The announcement came during a two-day visit to Canada by Mexico’s Economy Minister Marcelo Ebrard, accompanied by a large delegation of business leaders. Officials stated that more than 10 memorandums of understanding were signed during the mission, signaling broader cross-border industrial cooperation.

Several additional investment proposals were also disclosed:

• Process Research Ortech Inc is considering a $380 million battery materials processing plant in Puebla.
• INTE Modular is evaluating a $360 million modular housing facility in Chiapas.
• Sustainable Agave Holdings Ltd is exploring a $100 million agave pulp production project in Jalisco.
• Mexico’s Grupo Bimbo has agreed to invest approximately $146 million to upgrade its Canadian production facilities.

Ebrard described the $2 billion Hidalgo commitment as a key milestone of the mission, stating it alone justified the trip while highlighting further investment momentum still developing across sectors.

Separately, Canadian and Mexican officials also held discussions on strengthening the United States–Mexico–Canada Agreement (USMCA), which is currently undergoing formal review.