Walmart to invest $1.3 bn in Mexico

Mexico City: US retail giant Walmart said it plans a fresh $1.3 billion investment in Mexico, where it was hailed amid US President-elect Donald Trump’s tough line on foreign trade and keeping jobs in America. The American company plans to build new distribution centres and expand existing ones “which will create more than 10,000 new jobs,” said Walmart’s Mexico director Guilherme Loureiro. He announced the plan alongside Mexican President Enrique Pena Nieto, who hailed it as a sign of investment “confidence” in his country coming at a moment of “great uncertainty and big risk-aversion.” — AFP