Colombian president Gustavo Petro has announced a $100 million investment by Nestle over the next three years in its Colombian operations, as part of his initiative to promote industrialization in the country.
The new investment plan expands on the $13 million already spent by the global food giant in the South American nation, according to a government statement. The new cash will be used to increase production capacity and modernize equipment.
“Industrializing Colombia is essential if we want to get out of poverty,” tweeted Petro.
Nestle did not reply to a request for comment immediately.
However, the business’s senior executive for Latin America, Laurent Freixe, was quoted in the statement as stating that the strategy will enable the company to expand its product portfolio and match with government priorities, such as fostering young employment.