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UPDATE 1-Mercado Libre to invest $380 mln in Colombia in 2024

Reuters
·1-min read

(Adds quote and extra information in paragraphs 3-5)

BOGOTA, March 21 (Reuters) - South American e-commerce giant Mercado Libre will invest $380 million in Colombia this year, the company said in a statement on Thursday.

The investment will go towards advancing the company's technology and strengthening its logistics operations and other key areas, the statement added.

"We have decided to make this large investment in the country this year with the aim of developing innovative technological solutions for our e-commerce platforms and financial services," Lina Monsalve, Mercado Libre's general manager of Colombia said in the statement.

The sum represents Mercado Libre's largest-ever investment in Colombia, Monsalve added. Mercado Libre was founded in Argentina in 1999 and operates in 18 countries across Latin America. (Reporting by Nelson Bocanegra Writing by Oliver Griffin Editing by Alistair Bell)