Swiss food giant Nestlé will invest $1 billion in Mexico over the next three years to expand its operations in the country, Mexican President Claudia Sheinbaum and company executives announced on Tuesday.
“They will be making a billion-dollar investment over the next three years to increase the production of various products in our country,” Sheinbaum said in a video posted on social media, where she appeared alongside Nestlé representatives.
Sheinbaum stated that the investment forms part of the ‘Plan Mexico’ government programme, which aims to replace Chinese imports with domestic production to strengthen the Mexican and North American markets.
“This is a great opportunity to reinforce confidence in Mexico, its government, and the major opportunities the country offers to the world,” said Fausto Costa, General Manager of Nestlé Mexico, in the video.
The announcement comes just days before a deadline set by US President Donald Trump, who has threatened to impose 25% tariffs on Mexican imports to the United States from February 1.
The United States remains Mexico’s largest trade partner, receiving 83% of its total export volume in 2023, worth over $490 billion.
