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With NMexus Center, Amar Vakil bets on New Mexico as a hub for foreign investment

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Amar Vakil, executive director of NMexus Center. The business incubator, located at Mesa del Sol, is aimed at jump-starting more foreign investment in New Mexico.

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THE BASICS: Amar Vakil, 62, born in Bombay, married to Meeta Vakil since 1997; two children, Chaitanya, 25, and Divitya, 24.

POSITIONS: Executive director, NMexus Center, 2025; managing principal STUP LLC, since 2002; managing principal, Lintas LLC, 2002-2008.

OTHER: Board member, Notre Dame High School, 2004-2007; executive director, Foreign Investment Promotion Council, 2004-2007.

There are similarities between New Mexico and India 鈥 pride in heritage and spicy food, for example.

Amar Vakil is happy to point out a business link as well: companies in his homeland are among the first to rent space at the NMexus Center, a new business accelerator he is overseeing aimed at jump-starting more foreign investment in New Mexico.

Vakil is executive director of the center housed at Mesa del Sol, and he couldn鈥檛 be more confident that the partnership with the state will reach its goals: 1,500 jobs and investment exceeding $400 million within the first five years.

New Mexico鈥檚 national laboratories, universities, affordability and skilled workforce are among the reasons Vakil 鈥 a longtime globalization strategist 鈥 projects optimism.

But also, he says, there is 鈥渢he openness of the people, the candidness of the people. I find when I compare (New Mexico) to doing business elsewhere, I find this a really encouraging and positive place to do business.鈥

Vakil, who was born in Bombay (now Mumbai), came to the United States in his 30s. He has spent the past three decades in Chicago, where he is managing principal of STUP LLC, a longtime global management company.

Vakil is bringing his expertise and worldwide business connections to the project that was announced by Gov. Michelle Lujan Grisham in mid-May. Besides interest from Indian companies, the governor also announced partnerships with Oman and Ghana.

NMexus is offering a relatively low cost for rent that includes access to a menu of business services, from payroll and accounting to social media support and workforce development. The center, he says, offers a 鈥渓ow-cost bridge to American opportunity. This is their starting point.鈥 Seven businesses have signed on so far.

Vakil has short-term goals as well: 鈥淲e want each of these companies to taste success in the first 180 days. Now that success could be a customer order, that success could be a partnership with Sandia National Laboratories, the success could be an investor. We are going to work with each of these companies differently. What they need, we are going to deliver.鈥

He knows there have been lots of economic development efforts in the state over the decades, but he says this global business accelerator is unique.

鈥淥bviously, people here (say), 鈥榃e鈥檝e done this in the past; this didn鈥檛 work.鈥 I understand that. I don鈥檛 know how they did it, but I know how we are going to do it.鈥

How will you persuade foreign companies to set up shop at the NMexus Center?

It鈥檚 cost-prohibitive to be in this (U.S.) market, even if it鈥檚 lucrative. Why are the foreign companies not coming to New Mexico? They choose to go to California or New York, even though they鈥檙e so (expensive). The perception 鈥 is 鈥淚 want to be close to my customers,鈥 not realizing once you are in the United States, you can pretty much do business anywhere in the U.S., sitting from anywhere. We can give a toehold to these companies that are coming in at a very low cost. We can work with 40 companies at the same time.

What gives you confidence in this project?

We are so talented here technology-wise, but we don鈥檛 have jobs. That was an issue with India. People like me did not see opportunity when we were there. We came to the U.S. Today, India is hiring in technology. It鈥檚 a brand new country, so to speak 鈥 because there are opportunities, there are jobs. I see how India built itself, and I see how New Mexico can build itself, based on technology, based on sustainable energy, based on quantum, based on cybersecurity. I鈥檝e seen what India has done. I can see the possibilities here.

Are you worried about trade tariffs and global business uncertainty?

No. These people (business owners) are smart. We are smart. They have been successful in a very challenging business environment 鈥 India. I don鈥檛 see a reason why they won鈥檛 be successful. Business doesn鈥檛 stop. This is a journey for foreign businesses to come to the U.S. We will help them find the way.

Tell me about the connection you feel regarding New Mexico鈥檚 sense of heritage.

In several conversations 鈥 I was told, 鈥淭he governor is going to India, would you like to join?鈥 I was tasked with setting up two roundtables in Delhi and 鈥 I was able to bring 25 companies for each. At one, I had a taste of New Mexican spirit, so to speak. Gov. Lujan Grisham said 鈥 鈥淚 am New Mexican. I am a 12th-generation New Mexican.鈥 That resonated with me very well. In India, we take pride in being Indians. Even though I spent most of my adult life in the United States, I still consider myself Indian. My children were born here. They also take pride in their heritage. It kind of resonated. The respect in my heart was significant.

And what about the spicy food similarities?

You know what? I can鈥檛 handle spice. I鈥檝e been in this country for such a long time that my taste buds can鈥檛 handle it.

What has made you successful in your work?

I think our ability to identify value in somebody else鈥檚 way of doing work or their products or their services. And I have friends all over the world. I don鈥檛 call them connections. They are all my friends.

Do you have a role model?

I call myself a Gandhian by principle. I think honesty is very, very important. Transparency is important to me. And to be able to communicate in a manner where anybody could understand, or at least the person to whom I鈥檓 speaking with understands. I don鈥檛 use a lot of platitudes, I don鈥檛 do a lot of forward-looking statements. I am very pragmatic in what we have to offer, so that鈥檚 my Gandhian side of things.鈥