Swiss food giant Nestle will invest $1 billion in Mexico over the next three years to ramp up its operations in the country, Mexican President Claudia Sheinbaum announces in a video posted on her social networks in which she appears accompanied by company executives. (Screengrab from AFP)
Mexico City, Mexico — Swiss food giant Nestle will invest $1 billion in Mexico over the next three years to ramp up its operations in the country, Mexican President Claudia Sheinbaum and company executives announced Tuesday.
“They are going to make a billion-dollar investment over the next three years to increase the production of various products in our country,” Sheinbaum said in a video posted to social media, where she appeared alongside Nestle representatives.
Article continues after this advertisementREAD: Nestlé ready to invest P2B in PH yearly until 2027
FEATURED STORIES BUSINESS BIZ BUZZ: For Gokongwei airline, no Beijing flights for now BUSINESS Maharlika open to buying Chinese stake in NGCP BUSINESS 3 tycoons’ Batangas liquefied natural gas venture all setSheinbaum said the investment is part of the “Plan Mexico” government program, which aims to supplant Chinese imports in the country with domestic production to strengthen the Mexican and North American markets.
“This is a great opportunity to reinforce confidence in Mexico, its government and the major opportunities Mexico offers to the whole world,” Fausto Costa, general manager of Nestle Mexcio, said in the video.
In separate advisories on Monday, Seaoil and Shell Pilipinas said the per-liter prices of gasoline and diesel would be reduced by 50 centavos and 70 centavos, respectively.
Article continues after this advertisementThe announcement comes days before a deadline set by US President Donald Trump, who has threatened to impose 25% tariffs on Mexican imports to the United States beginning February 1.
Mexico’s northern neighbor is by far its top trade partner, receiving 83% of its total export volume in 2023, worth over $490 billion dollars.
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