It is a combination of natural formations and those contr...
Economy of Colima
As much as 56% of the jobs available in the state of Colima, are generated by the more than 20,000 small and medium businesses, registered as of October 2006. As a result, local government has focused valuable time and effort on this sector of the economy, and has implemented several programs such as the Program for the Promotion of Colima Products, a campaign called The Best of The Pacific, a Micro Industrial and Services Park, as well as new schemes of training and financial support, all of which will hopefully provide the state's small and medium businesses with the competitive edge they require to survive in today's global markets.
The services sector represents the major contributor to the state's Gross Domestic Product, with roughly two thirds of local income, mainly through the sectors of transportation and storage services. On the other hand, agriculture contributes another 8,5% of the state's GDP, which does not sound like much, but Colima is in fact a nationwide leader in the production of lemon, copra, and tuna.
Peña Colorada is the site for the largest extraction of iron and magnetite in the country, along with other large deposits, all concentrated along the Minatitlan municipality. Installed infrastructure for this industry makes good use of this abundant natural resource, estimated in a whopping volume of 154 million tons of iron.
Manufacturing industries contribute a mere 4,5% of the state income, mainly through the sectors of foods and beverages, metallic structures, furniture, printing presses, cement, gypsum, and lime.
On the other hand, local government is also focused on capturing foreign investment to the state, which enjoys a strategic geographic location and belongs to the trade corridor of the Pacific Basin towards west Mexico, the Bajio, and central Mexico.
Other competitive advantages the state has to offer include its natural conditions; a pleasant climate that allows for a year-long navigation; its transportation infrastructure containing excellent roads and railroad services; as well as modern fiscal structures.
As of today, the port of Manzanillo is the nation's leader regarding the management of containers, and it is the ideal hub for both Central and South America along the western coasts of the United States and Canada, as well as being second nationwide in freight services.
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