Global food and beverage processing company Nestle is set to invest $100 million over the next three years in its business in Colombia, President Gustavo Petro announced on Friday. This investment is part of President Petro’s efforts to boost industrialization. “Industrializing Colombia is essential if we want to get out of poverty,” Petro stated in a Twitter post announcing the deal.
Nestle’s investment plan includes allocating funds to increase its production capacity at plants located in the country as well as updating the technology used in its Colombian operations.
This latest investment decision comes after the world’s largest food and beverage producer invested $13 million in the South American nation, thereby advancing Colombia’s industrial growth agenda.
While Nestle has not been reached for comment, Laurent Freixe, Nestle’s top executive for Latin America, was previously quoted as saying that the company’s investment plan in Colombia would enable it to strengthen its product portfolio while aligning with government priorities such as youth employment.