Mexico’s attractiveness as a destination for foreign direct investment (FDI) is increasing, driven by its proximity to the US, its favourable risk-return profile, and the rise of nearshoring; and at the centre of this momentum are greenfield projects While this presents opportunities, the growing share of greenfield investment from less democratic states such as China also raises security and governance risks: the prominent role of state-owned enterprises in China means investment may be shaped by the strategic priorities of the