Swiss food giant Nestlé to invest $1 billion in Mexico
Nestlé: $1 billion to boost production in Mexico
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Listening: Swiss food giant Nestlé to invest $1 billion in Mexico
Swiss food giant Nestlé will invest $1 billion (CHF905 million) in Mexico over the next three years to boost production, the Mexican president and company executives announced on Tuesday.
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Nestlé: 1 milliard de dollars pour hausser sa production au Mexique
Original
“They plan to invest $1 billion over the next three years to boost production in our country,” said Mexican President Claudia Sheinbaum in a video posted on social media, where she appeared with company representatives.
“This is a great chance to boost confidence in Mexico, its government and the vast opportunities the country offers to the world,” said Fausto Costa, General Manager of Nestlé Mexico, also in the video.
President Sheinbaum stated that this investment is part of ‘Plan Mexico’, a government initiative aimed at replacing Chinese imports and boosting domestic production to strengthen both the Mexican and North American markets.
However, Mexico faces the threat of 25% tariffs on its exports to the US, set to be imposed by President Donald Trump from February 1.
By 2023, 83% of Mexican exports, worth over $490 billion, were destined for the USA.
Translated from French with DeepL/sp
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