Corona beer maker Modelo says to invest $3.6 bn in Mexico

Corona brew imported from Mexico is seen astatine a store successful the US authorities of Texas. Photo: RONALDO SCHEMIDT / AFP/File
Source: AFP

Grupo Modelo, the shaper of Corona and different Mexican brew brands, said Thursday that it would put much than $3.6 cardinal successful Mexico contempt commercialized tensions with the United States.

"We basal with Mexico similar bully friends, successful the bully times and the bad," Raul Escalante, vice president of the brewer owned by Belgian-Brazilian elephantine AB InBev, said astatine President Claudia Sheinbaum's greeting quality conference.

He said the concern would beryllium utilized to modernize the company's plants and stores.

Seeking to easiness concerns astir the Mexican economy successful the look of US President Donald Trump's tariffs, Sheinbaum has invited respective institution executives to her quality conferences to contiguous their concern plans.

Last month, US retail elephantine Walmart said that it would put much than $6 cardinal successful Mexico this year, generating respective 1000 jobs.

E-commerce behemoth Amazon, its determination rival Mercado Libre, streaming elephantine Netflix and Spain's biggest slope Santander are among the different overseas firms that person announced large investments.

The authorities said that it had received astir 2,000 concern pledges totaling astir $300 cardinal -- equivalent to astir 16 percent of the country's yearly economical output.

Trump this period near Mexico disconnected the database of nations facing his "reciprocal tariffs," but its carmakers arsenic good arsenic alloy and aluminum exporters inactive look duties.

The International Monetary Fund this week predicted that Mexico's economy, the 2nd largest successful Latin America, would shrink by 0.3 percent this year, pulled down by Trump's commercialized war.

Sheinbaum said the outlook was excessively pessimistic due to the fact that her government's efforts to pull concern would offset the deed from US tariffs.

She said that Mexicans' beardown enactment ethic would springiness the state an vantage implicit its competitors.

The representation "of a Mexican sitting with his chapeau nether a nopal cactus, arsenic if we were lazy, is wholly false," she said.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: AFP