Mercado Libre to Invest US$1.1 billion in 2021 in MexicoBy MBN Staff | Thu, 04/08/2021 - 11:52
Mercado Libre will invest US$1.1 billion in 2021 to expand its storage and services space in Mexico. This figure exceeds the total invested by the Argentine e-commerce giant in the last four years in the country. It is nearly thrice the US$420 million that Mercado Libre invested in 2020. According to the company, the investment will be mainly focused on strengthening fintech solutions such as Mercado Crédito and supporting financial education programs. In addition, Mercado Libre will create more than 4,700 jobs in Mexico.
“In 2021, we want to be an active part of the joint reconstruction (economic recovery) because we know that this year will continue to be full of challenges. With this investment, we will continue to develop our technology solutions so that more people are increasingly connected to what they need. We will continue working on our tools and services to generate more and more opportunities,” said David Geisen, Country Manager of Mercado Libre Mexico in a statement.
In 4Q20, Mexico surpassed Argentina in terms of items sold through Mercado Libre. In revenue, however, the Mexican market still represents the company's second-fastest-growing market after Argentina. Mercado Libre has also increased its delivery network in the country, most recently opening a fourth distribution center in Nuevo Leon.
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