🚀 $75M Investment Announced
Mercado Libre's founder, Marcos Galperín, shared big news during President Javier Milei’s visit to the company’s Saavedra office. The tech giant will invest $75M in a new logistics center in La Matanza, Buenos Aires Province. The project, scheduled for completion by the end of 2025, will create 2,300 direct jobs and process 200,000 products per day. Galperín highlighted the investment’s goal: doubling storage capacity and improving delivery speeds for millions of Argentine users. The new center will span 56,000 square meters.
💼 Milei Praises Mercado Libre
President Milei, visiting the company’s offices, expressed admiration for Galperín’s work and the impact of Mercado Libre on Argentina’s economy. "Mercado Libre is an example of the Argentina we want," said Milei, acknowledging the company's role in innovation and economic growth. Milei’s policies have aimed to curb inflation, although the country is in a recession. He assured that Argentina expects more than $50B in upcoming investments, fueled by private sector initiatives.
📦 A Logistics Game-Changer
The logistics center is a strategic investment to tackle the increasing demand for online shopping in Argentina. Galperín stressed that the future lies in long-term growth, not just short-term gains. "We’re thinking 10 years ahead," he explained, adding that the expansion will improve e-commerce in sectors like technology and potentially in supermarkets. This move aligns with Mercado Libre's efforts to maintain its lead in Latin America's e-commerce and fintech industries.
💸 Battle with Banks
Galperín's visit with Milei occurred amid a legal battle with Argentina's banks. Mercado Pago, the payment arm of Mercado Libre, is in conflict with Modo, a payment platform backed by 36 Argentine banks. Mercado Libre accuses the banks of cartelization, claiming coordinated practices are hindering fintech competition. This dispute highlights the ongoing tension between traditional banks and fintech companies as digital payment systems expand in the region.
How will Mercado Libre's $75M investment affect Argentina?
