The economic reforms of President Carlos Salinas de Gortari had a tremendous effect on the city, as a number of businesses, including banks and airlines, were privatized. He also signed the North American Free Trade Agreement (NAFTA). This led to decentralization and a shift in Mexico City's economic base, from manufacturing to services, as most factories moved away to either the State of Mexico, or more commonly to the northern border. By contrast, corporate office buildings set their base in the city.