By Natalia Rueda 
President Andrés Manuel López Obrador paid a heartfelt tribute to Mexican migrants in the United States during his morning conference, highlighting their unbreakable connection to Mexico and the significant economic impact of their remittances. He praised the loyalty of these compatriots to their roots and families, recognizing their crucial role in the country’s development.
The power of remittances
Remittances, monetary transfers made by workers abroad to their countries of origin, have become a fundamental pillar of the Mexican economy. It is expected that by the end of the year, Mexico will receive approximately 65 billion dollars in remittances, directly benefiting more than 10 million families. López Obrador emphasized that these funds have consolidated as the main source of income for the country.
Comparing remittances with other sources of income, the president pointed out that they have surpassed both foreign direct investment and tourism income. While it is estimated that foreign investment will reach 40 billion dollars, López Obrador emphasized that not all of this amount directly benefits workers, since part of it is destined to the acquisition of inputs.
Mexican migrants in the United States contribute around 338 billion dollars each year to Mexico’s economy, a figure comparable to the gross domestic product (GDP) of Colombia. AMLO also stressed that neither oil revenues, nor foreign investment, nor even the automotive industry can match the economic impact of remittances sent by Mexicans abroad.
Nuestros hermanos migrantes contribuyen al desarrollo de Estados Unidos; es justo que se les reconozca y respete. Conferencia matutina https://t.co/bvJ9EPkTLM
— Andrés Manuel (@lopezobrador_) August 19, 2024
.@lopezobrador_ #REMESAS
— Eduardo Ballina (@Eduardo_Ballina) August 19, 2024
Antes de llegar al poder, Ud. calificaba las remesas como signo del fracaso de las políticas de gobiernos anteriores.
Hoy las presume, como si fueran un logro de gobierno. No lo son.
“Lamentable, que migrantes sostengan la economía con remesas”… pic.twitter.com/QaoeOevOMu
Debate of opinions and controversies
Critics argue that the high level of remittances reflects the lack of opportunities in Mexico, causing many to seek work abroad. They highlight the irony of a government taking pride in remittance figures while failing to create sufficient employment opportunities in the country. Some suggest that the high remittance figures are more an indicator of the success of neoliberalism – in the U.S. and elsewhere than of any economic victory in Mexico itself.
Despite the debates, the Obrador government celebrated the contributions of migrants, paying tribute to them at the National Palace and hailing them as “heroes” who send billions of dollars to Mexico.