Dutch brewing giant Heineken announced Wednesday a $2.75 billion investment in Mexico — the latest vote of confidence in Latin America’s second-largest economy despite US President Donald Trump’s trade war.
The pledge follows similar moves by companies such as Walmart, Netflix, and Spanish bank Santander, despite tensions with Trump’s adminstration over his import tariffs.
Heineken will use the investment to fund a new plant and other projects through the end of 2028, its Mexico CEO Oriol Bonaclocha said during President Claudia Sheinbaum’s morning news conference.
The new factory in the southeastern state of Yucatan will generate around 3,000 direct and indirect jobs, Bonaclocha said.
The plan is “a clear sign of confidence in Mexico,” Yucatan state governor Joaquin Diaz said.
In April, rival brewer Grupo Modelo, which makes Corona beer, announced an investment of more than $3.6 billion in Mexico to modernize its plants.
Mexico’s economy is considered one of those most vulnerable to Trump’s tariffs due to the close trade relations between the two countries.
At the same time, Mexico has benefited from tariff relief thanks to a three-way North American free trade agreement that also includes Canada.
Sheinbaum is seeking an agreement with Trump to end remaining tariffs, notably on automobiles, steel and aluminum.
