Nestle announces $100M investment in Colombia to boost capacity

BOGOTA, 27 Jan. (Reuters) – Nestle, the global food giant (NO.S) is going to invest $100 million over the next three years in its operations in Colombia, President Gustavo Petro said Friday, as part of his efforts to accelerate industrialization.

The Colombian leader outlined the announcement in a Twitter post late Friday night.

The new investment plan builds on $13 million already spent by the world’s largest food and beverage producer in the South American country, the government said in a statement, with the new funds to be used to increase production capacity and upgrade technology.

“The industrialization of Colombia is essential if we are to get out of poverty,” Petro wrote on Twitter.

Nestle did not immediately respond to a request for comment.

But the statement quoted Laurent Fraix, its top manager for Latin America, as saying the plan would allow the company to strengthen its product portfolio as well as align with some government priorities, such as promoting youth employment.

Reporting by Luis Jaime Acosta and Carolina Pulis; Edited by David Alier Garcia and Sandra Mahler

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