On Monday, July 4, the Foreign Minister of Mexico, Marcelo Ebrand announced a new investment in the country. Reportedly, Samsung Electronics Ltd. is set to invest about $500 million in the country to boost up the production of home appliances.
Taking to social media platform Twitter, the Foreign Minister specified that the investment would be set in Queretaro in central Mexico, and the northern border city of Tijuana. Moreover, he stated how he had already met with the Chief Executive Officer of the South Korean Electronics giant, Han Jong Hee to discuss the investment.
More such investments of Samsung Group:
About a month ago, Samsung Group announced investments worth 450 trillion won or $356 billion for the coming five years. The electronics giant stated it was for accelerating growth in biopharmaceutical, semiconductors and other next generation tech.
The company expects these investments to aid them in driving long-term growth in strategic field like the chip industry. Along with it, pledge vigorous investments in the sector of biopharmaceuticals in order to make it as thriving as the chip business of the company.
Though it did not give a breakdown of the sum, the company specified that about 80% of the investments would be in South Korea. At the time, did not include the development of electric vehicle batteries in the announcement as a future growth incentive. Clearly, this investment in Mexico includes the the remaining 20% of the investment which Samsung pledged to do overseas.
Additionally, Samsung stated the importance of these upcoming investments in the announcement. It specified how securing domestic chip and bio supply chains would have a strategic prominence in its growth, and be crucial for the economic security of South Korean market.
Samsung’s investments worth $356 billion or 450 trillion won would expectantly create about 1.07 million jobs all around. Moreover, it is about 30% bigger than the invested worth 330 trillion won that Samsung had in the previous years till 2021. Clearly, the South Korean giant comes across as one of the thriving companies in the world market as of now.
Recently, Mexico is seen to enjoy a range of investments from countries like Canada, Germany, Spain and the United States. The country has the advantages of a strategic location, a broad variety of natural resources, and a massive domestic market. Moreover, it also has the provision of a diversified economy and a somewhat well-qualified workforce.