Swiss food giant Nestlé will invest $1 billion in Mexico over the next three years to expand its operations in the country.
This was stated by Mexican President Claudia Scheinbaum and the company's management, AFP reports.
"In the next 3 years they will make an investment of one billion dollars to increase the production of different products in our country," Sheinbaum said in a video posted on social media in which she appeared alongside Nestlé representatives.
The president argued that the investment is part of the government's "Plan Mexico" program, which aims to replace Chinese imports into the country with local production to strengthen the Mexican and North American markets.
"This is a great opportunity to reinforce the credibility of Mexico, its government and the great opportunities Mexico offers to the whole world," Fausto Costa, general manager of Nestlé Mexico, said in the video.
The announcement comes days before a deadline set by US President Donald Trump, who has threatened to impose 25% tariffs on Mexican imports into the US from February 1.
Mexico's northern neighbour is by far its largest trading partner, accounting for 83% of its total exports worth more than $490 billion in 2023. | BGNES
