E-commerce company Mercado Libre announced on Tuesday that it will invest 1.1 billion U.S. dollars in Mexico in 2021, mainly to expand its warehouse facilities amid an increasing demand generated by the COVID-19 pandemic.
The general director of Mercado Libre Mexico David Geisen explained in a virtual conference that the investment for 2021 is the largest in the last four years and represents an increase of 160 percent over last year.
“There is a lot of growth and demand, not only from consumers, but also from small and medium-sized enterprises that want to ship more products to our distribution centers,” the executive told journalists.
The firm’s resources will focus on strengthening financial technology solutions such as its subsidiary Mercado Credito, boosting Mercado Envios operations, expanding its logistics network and doubling the square meters of its warehouse space nationwide.
Geisen said the expansion of operations will create more than 4,700 new jobs in areas such as shipping, e-payment, e-commerce, fraud prevention and marketing, among others.
The executive projected double-digit growth for the company in Mexico this year, after its revenue grew over 100 percent annually in the third and fourth quarters of 2020.
The enterprise has been present in Latin America since 1999, mainly through its Mercado Libre, Mercado Pago and Mercado Envios platforms.