Economy

xchrom

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36. Mexico draws over $7 billion in foreign investment at Davos

Sat Jan 25, 2014, 06:53 AM

Jan 2014

http://uk.reuters.com/article/2014/01/24/us-davos-mexico-idUSBREA0N1GM20140124

(Reuters) - Pepsico, Nestle and Cisco on Friday announced major investments that together totaled more than $7 billion in Mexico, where the government has pushed through a series of economic reforms that aim to boost foreign investment and growth.

Mexico has embraced free trade policies in recent decades, and has drawn growing investment interest after President Enrique Pena Nieto made a landmark reform drive in his first year in office, pushing major telecommunications, energy, banking and tax legislation through a divided Congress.

"It is very encouraging to see the enthusiasm that has been awoken by our country due to the structural changes that are happening," Pena Nieto said at the World Economic Forum (WEF) in Davos.

Pepsico (PEP.N) said it would spend $5 billion in Mexico over five years to strengthen its food and beverage business, adding it planned to expand its production capacity by adding new manufacturing lines and expand delivery routes.

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