Amazon rival Mercado Libre to invest $4.6 billion in Mexico

Mercado Libre, a Latin American rival of Amazon, has announced a $4.6 billion investment in Mexico during a period marked by tricky US trade talks.

The Argentine company made the announcement as Mexico reviews its free trade agreement with the United States and Canada known as USMCA.

The investment "shows confidence in Mexico," President Claudia Sheinbaum told a daily press conference on Wednesday.


Mercado Pago's Mexico director Pedro Rivas called the sum "the highest annual figure in Mercado Libre's history."

The group is aiming to boost e-commerce, expand its logistics network and "broaden access to financial services," Rivas said.

The move will create 8,000 jobs in Mexico, according to Economy Secretary Marcelo Ebrard.

Last year, Mercado Libre announced a $3.4 billion investment in Mexico - also referred to as the group's largest-ever annual investment in the country at the time.