Key facts
- Mercado Libre will invest $4.6 billion in Mexico.
- This is the largest annual investment in the company's history.
- The investment aims to boost e-commerce and expand financial services.
- The initiative is expected to create 8,000 new jobs in Mexico.
- The announcement was made during a review of the USMCA trade agreement.
Mercado Libre, a significant e-commerce and financial services provider in Latin America and a rival to Amazon, has announced a record-breaking investment of $4.6 billion in Mexico. This substantial funding injection is earmarked for enhancing online shopping capabilities, expanding its logistics network, and broadening access to financial services.
The announcement comes at a time when Mexico is reviewing its free trade agreement with the United States and Canada, known as the USMCA. The scale of the investment underscores Mercado Libre's confidence in the Mexican market. President Claudia Sheinbaum highlighted the investment as a strong signal of confidence in the country's economy.
Pedro Rivas, Mercado Pago's Mexico director, confirmed that the $4.6 billion figure represents the highest annual investment in the company's history. The initiative is projected to generate 8,000 new jobs across Mexico, according to Economy Secretary Marcelo Ebrard. This follows Mercado Libre's previous largest annual investment in Mexico of $3.4 billion, announced last year.