Retailer Wal-Mart de Mexico to invest $1.3 billion in Mexico

Record ID: 76268

  • Title: Retailer Wal-Mart de Mexico to invest $1.3 billion in Mexico
  • Date: 7th December 2016
  • Summary: MEXICO CITY, MEXICO (FILE) (REUTERS) VARIOUS FO WAL-MART EXTERIOR VARIOUS OF PEOPLE SHOPPING AT WAL-MART SHOPPERS VARIOUS OF SHOPPERS LEAVING STORE
  • Embargoed: 22nd December 2016 21:53
  • Keywords: Mexico Wal-Mart Wal-Mart de Mexico Enrique Pena Nieto Guilherme Loureiro
  • Location: MEXICO CITY, MEXICO
  • City: MEXICO CITY, MEXICO
  • Country: Mexico
  • Reuters ID: LVA0025BW00UB
  • Aspect Ratio: 16:9
  • Story Text: Retailer Wal-Mart de Mexico will invest $1.3 billion dollars in logistics in Latin America's No. 2 economy, the company said on Wednesday (December 07), a show of confidence in Mexico at a time of uncertainty after the election of Donald Trump in the United States.
    "To announce we will invest $1.3 billion dollars to expand and strengthen our logistical infrastructure in Mexico," said the company's Chief Executive for Mexico and Central America Guilherme Loureiro in Mexico City.
    A large part of the investment will be over the next three years including back-end infrastructure, creating some 10,000 permanent new jobs directly.
    "It will take place in the next three years and will involve the construction of new distribution centres as well as the expansion of those we already have, of which 10,000 direct and permanent jobs for the country will be generated," he added.
    Wal-Mart has already invested 80 billion pesos ($3.93 billion dollars) in the past four years and President Enrique Pena Nieto hailed the company's latest commitment to the Latin American nation.
    "I celebrate this important announcement that you (Wal-Mart) are making today. It gives me great pleasure to accompany you all, to accompany a company which has a presence of more than five decades in our country, working with Mexico and above all else which is undertaking significant investment that has been announced today regarding a future commitment to our country," said Pena Nieto.
    The election of Donald Trump has thrown Mexico's business world into uncertainty, as he has attacked U.S. companies investing south of the border and threatened to renegotiate or scrap a major trade agreement with Mexico.
    Wal-Mart Stores Inc's Mexican unit is the country's largest retailer, with more than 2,200 stores.
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