Mexican Senate reviews military oversight of foreign investment

The Mexican Senate has referred a presidential initiative to its joint committees on Economy and Legislative Studies for analysis. The proposal seeks to grant the Mexican Armed Forces a role in regulating and reviewing foreign direct investment to protect national security.

Under the initiative, the National Foreign Investment Commission would be expanded to include the heads of the Secretariat of Security and Citizen Protection, the Secretariat of National Defense, and the Secretariat of the Navy. Additionally, the Attorney General's Office, the National Intelligence Center, the Tax Administration Service, and the Financial Intelligence Unit would participate in discussions regarding national security matters with voice but without vote.

The proposal introduces a special scrutiny procedure for foreign investments that exceed a 49 percent share of social capital in a Mexican company and meet certain monetary thresholds. This oversight would specifically target strategic sectors, including critical technologies, dual-use goods, strategic infrastructure, food security, and access to sensitive information. The Commission would also be required to submit semi-annual reports to Congress regarding its management of national security matters.