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

There are similarities between New Mexico and India — 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’t 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’s national laboratories, universities, affordability and skilled workforce are among the reasons Vakil — a longtime globalization strategist — projects optimism.

But also, he says, there is “the 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.”

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 “low-cost bridge to American opportunity. This is their starting point.” Seven businesses have signed on so far.

Vakil has short-term goals as well: “We 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.”

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.

“Obviously, people here (say), ‘We’ve done this in the past; this didn’t work.’ I understand that. I don’t know how they did it, but I know how we are going to do it.”

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

It’s cost-prohibitive to be in this (U.S.) market, even if it’s lucrative. Why are the foreign companies not coming to New Mexico? They choose to go to California or New York, even though they’re so (expensive). The perception … is “I want to be close to my customers,” 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’t 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’s a brand new country, so to speak … 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’ve 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 — India. I don’t see a reason why they won’t be successful. Business doesn’t 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’s sense of heritage.

In several conversations … I was told, “The governor is going to India, would you like to join?” I was tasked with setting up two roundtables in Delhi and … 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 … “I am New Mexican. I am a 12th-generation New Mexican.” 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’t handle spice. I’ve been in this country for such a long time that my taste buds can’t handle it.

What has made you successful in your work?

I think our ability to identify value in somebody else’s way of doing work or their products or their services. And I have friends all over the world. I don’t 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’m speaking with understands. I don’t use a lot of platitudes, I don’t do a lot of forward-looking statements. I am very pragmatic in what we have to offer, so that’s my Gandhian side of things.”