Watch MercadoLibre to Invest $3.6 Billion in Brazil This Year – US Latest News

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SAO PAULO (Reuters) – MercadoLibre Inc. said on Thursday it expects to invest 19 billion reais ($3.60 billion) in Brazil in 2023, 11.5% more than the amount invested in the previous year.

The South American e-commerce and financial services giant, which in 2018 had invested one billion reais in the country, has upped its bet in Brazil in recent years, especially after a surge in demand for online shopping caused by the COVID pandemic. The figure also includes certain lines of spending seen as strategic.

“It was a huge jump, for a moment of great opportunity,” Fernando Yunes, senior vice president of e-commerce in Brazil, told Reuters, adding that MercadoLibre expects a growth in sales and slightly higher margins in the country this year as a result of recent investments.

The executive said that one of the targeted areas will be in logistics, as the firm plans to increase its transport capacity with new distribution centers and a larger fleet of planes.

The goal, he said, is to service more cities and increase deliveries made within one day – which currently represent about 50% of the total.

MercadoLibre does not disclose how much will be invested in each area of the company.

(Reporting by Andre Romani; Editing by Steven Grattan)

Copyright 2023 Thomson Reuters.

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