© Reuters. Mercado Libre announces investments of 3,653 million dollars in Brazil
Sao Paulo, Mar 16 (EFE).- The Argentine electronic commerce giant Mercado Libre announced this Thursday investments amounting to 19,000 million reais (about 3,653 million dollars) for its operations this year in Brazil.
In a statement released in Sao Paulo, Mercado Libre indicated that the resources will be allocated to the areas of infrastructure, technology, digital advertising, logistics and, mainly, to the digital bank Mercado Pago, which will expand its presence.
Mercado Pago, the company indicated, will continue with its accelerated development for electronic payment solutions and facilitate access to virtual banking for the population most in need.
The amount of investments announced is 11.5% higher than those made in 2022.
The loyalty program on its shopping platform and the development of Mercado Ads, its digital advertising business, will also benefit from the investments announced.
“We remain confident in the quality of our ecosystem’s offer,” said Fernando Yunes, senior vice president of Commerce and company leader in Brazil, quoted in a statement.
Brazil is currently the company’s main market, with 54% of all Latin America’s revenues and “one of the most competitive environments in the world,” Yunes added.
In 2022, Mercado Libre received more than 170,000 new sellers on its e-commerce platform and buyer growth was 15% compared to 2021.
For Mercado Libre operations, Brazil received a total of 3,500 million reais (about 673 million dollars) in taxes in 2022, 31% more than in 2021.
