Officially Inaugurated As Mexico's First Female President, Sheinbaum: Time For Transformation

Inauguration of Mexican President Claudia Sheinbaum. (Instagram/@claudia_shein)

JAKARTA - Claudia Sheinbaum vowed to support women's rights and ensure that the number two economic power in Latin America remains a safe destination for international investment after being sworn in as Mexico's first female president on Tuesday.

The 62-year-old scientist and former mayor of Mexico City took an oath of office and accepted the presidency at a festive ceremony at the Mexican Congress, marking the start of a six-year term.

"It's time for a transformation, it's time for women," he said.

"I am a mother, a grandmother, a scientist and a woman who believes, and starting today, at the wishes of the Mexican people, I am the president," he continued.

President Sheinbaum used his first speech as head of state to respond to investor concerns after the passing of judicial reforms driven by his predecessor, Andres Manuel Lopez Obrador.

He reiterated that the central bank will be autonomous and informed investors: "Believe that investment in national and foreign shareholders will be safe in our country."

The Sheinbaum government will deliver its first budget before November 15, which is expected to be closely researched to get instructions on whether it will fulfill its commitment to reduce the fiscal deficit to 3.5 percent of gross domestic product from 5.9 percent, which is expected to occur by the end of the year.

In a speech at Zocalo's historic square in the capital, he made 100 promises, ranging from expanding public health and education services to building 1 million new homes, limiting the prices of key items and sending reform packages to Congress to fight violence and gender discrimination.

President Sheinbaum said he would unveil the package on Thursday, saying it would include proposed constitutional changes and seek to reduce impunity, as well as protect women in countries that have recorded some of the highest rates of murder against women in the world.

"Our guideline is the happiness and welfare of the people," he said.

"I promise you to continue to make history," he said.

However, President Sheinbaum, who has promised "continuity with change," will inherit the largest budget deficit since the 1980s and slow economic growth.

Recently, the central bank cut GDP's growth forecast for this year to 1.5 percent from the previous 2.4 percent and lowered the estimate for 2025 to 1.2 percent.

The trend of companies moving production closer to their main market has helped Mexico attract investment. However, President Sheinbaum will face the challenge of increasing foreign investment while implementing judicial reforms.

The judicial reform, in which the judge will be elected by general vote, has frightened investors.

"I will rule for everyone and rest assured I will devote my knowledge, power, history and life to serve the people and state," said President Sheinbaum.