Mercado Libre Invests $1.2 Billion in Brazil, Creating 6,500 Jobs

Fashnopsis:

• Mercado Libre Pours $1.2 Billion into Brazil, Creating 6,500 Jobs 
• Record Investment Reflects Mercado Libre’s Confidence in Brazil’s Growth 
• Over Half of Mercado Libre’s Income Comes from Brazil 

São Paulo, Brazil – Mercado Libre, the largest e-commerce marketplace in Latin America, has announced plans to invest $1.2 billion (23 billion Brazilian reals) in Brazil over the next year. This is the largest investment the company has ever made in a single country and is expected to create 6,500 new jobs.

The investment will be used to open new distribution centers in Brasilia, Pernambuco, and Porto Alegre. It will also be used to improve the company’s infrastructure, equipment, and logistics operations in the country. The goal is to increase the number of cities with same-day or next-day delivery.

“This investment will generate jobs, grow the economy, and increase the purchasing power of Brazilians,” said Brazilian President Luiz Inácio Lula da Silva. “You can count on the government’s support for your expansion plans.”

Brazil accounts for about 52% of Mercado Libre’s total net income in Latin America. The company’s historical growth in investment in the country, which surpassed 1 billion reals (181.5 million euros) in 2018 and now reaches 23 billion reals (1.170 billion euros), indicates the company’s confidence in the country’s development potential, according to the CEO.

With one of the fastest growing operations each year, also driven by the evolution of Mercado Pago, the instant money transfer platform, Brazil will receive around 24% more developers compared to 2023. The new hires will increase the total number of direct employees of the company to around 29,000 by the end of 2024.

In addition to financial services, the logistics and technology areas will be the ones that will absorb more new professionals. The annual hiring plan includes the arrival of 875 new professionals in the technology area alone, which should end the year with 4,500 dedicated professionals. Another area of ​​emphasis is logistics, which will receive more than 5,200 new professionals.

This is a major investment by Mercado Libre in Brazil and is a sign of the company’s confidence in the country’s long-term growth prospects.

Here are some of the key points from the press release:

1. Mercado Libre will invest $1.2 billion in Brazil over the next year.
2. The investment will create 6,500 new jobs.
3. The investment will be used to open new distribution centers, improve infrastructure, and hire new employees.
4. Brazil accounts for about 52% of Mercado Libre’s total net income in Latin America.
5. Mercado Libre is confident in Brazil’s long-term growth prospects.

Image Credits: Mercado Libre