Canadian Pacific Kansas City sees big opportunity from near-shoring. But why not invest in Mexico then?

Open this photo in gallery: Canadian Pacific Railway trains sit at the main CP Rail trainyard in Toronto on March 21, 2022.Nathan Denette/The Canadian Press Canadian Pacific Kansas City Ltd. expects that its newly expanded North American rail network will position it well in the years ahead as U.S. companies, once enamoured with Asia, move production closer to their home bases and tap into Mexico's low-cost labour force. It's a trend known as near-shoring, which certainly bolsters the case for investing in the railway. But if the trend lives up to expectations, investors might want to consider skipping the middleman…