MEXICO CITY (Reuters) -Latin American e-commerce giant MercadoLibre will invest $3.4 billion in Mexico this year, focusing on its tech product and financial services, an executive from the firm said on Friday.
“This figure represents a 38% increase compared to our investment last year,” said David Geisen, the firm’s Mexico head, at a press conference alongside Mexican President Claudia Sheinbaum.
MercadoLibre plans to bring 10,000 more people on board this year to work in logistics, financial technology, administration and other areas in Mexico, Geisen said, bringing its total workforce in the country up to 35,000.
The e-commerce platform has boomed in recent years, and Mexico is now MercadoLibre’s second-largest market in the region, Geisen said.
The announcement comes as Mexico has cracked down on shipments coming from MercadoLibre’s Chinese competitors, such as Temu and Shein, through import tariffs.
(Reporting by Ana Isabel Martinez and Natalia Siniawski; Editing by Kylie Madry)
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