MercadoLibre, the Latin American e-commerce giant, has revealed plans to invest 34 billion reais ($5.8 billion) in Brazil this year, marking a 47.8% increase from the previous year. This significant investment, which includes operational costs, is the highest ever recorded by MercadoLibre in Brazil, showcasing the company's intensified focus on the country over the last eight years. In comparison, the company had invested 1 billion reais in Brazil in 2018. Brazil currently contributes over half of MercadoLibre's total revenues.

The company explained that the funds will be allocated towards enhancing logistics and technology for its e-commerce and fintech sectors, along with investments in loyalty programs, entertainment, marketing, and recruitment. MercadoLibre, listed on the Nasdaq, anticipates creating around 14,000 jobs in Brazil this year, with the total number of employees in the country expected to exceed 50,000 by the year-end.

This investment declaration was made at an event with President Luiz Inacio Lula da Silva at one of MercadoLibre's distribution centers close to Sao Paulo. Furthermore, the company had recently announced a $3.4 billion investment in Mexico, its second-largest market, by 2025.