Wal-Mart to invest US$1.57B in Mexico

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Wal-Mart to invest US$1.57B in Mexico

Supermarket chain Wal-Mart has announced it will invest $14.09 billion pesos (US$1.57 billion) in Mexico and $4.88 billion pesos (US$403 million) in other central American countries in 2011.

The investment by the company's Walmart de México y Centroamérica business aims to boost sales by 12.2% in Mexico and 8.8% in El Salvador, Guatemala, Honduras, Costa Rica and Nicaragua.

Walmart de México y Centroamérica CEO Scot Rank

In a release, the company said the investment would lead to 20,000 new permanent jobs and more than 40,000 indirect jobs in the construction industry.

Walmart de México y Centroamérica CEO Scot Rank said the company had never before invested such a large amount of resources in one single year, showing proof of confidence in Mexico's market.

"Many Mexicans with scarce resources pay very high prices for their food, clothing and household goods. With the investment we are announcing today, we can take products at affordable prices to more families, many of which live in remote areas of the country," he said.

"Today we have over 20,000 suppliers in Mexico - 60% of which are SMEs - from whom we purchased over $260 billion pesos in 2010. This figure will undoubtedly be higher in 2011 and with that we will assist Mexico’s industrial plant and its workers.”

Photo: www.tabascohoy.com.mx

Source: www.freshfruitportal.com

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