Mexican President Andres Manuel Lopez Obrador announced Tuesday that global food giant Nestle plans to invest $154 million in a coffee-processing plant in the Aztec nation.
The president’s office released a video of Lopez Obrador and Nestle Mexico CEO Fausto Costa discussing the future facility in the Gulf coast state of Veracruz.
Intended to process 20,000 tons of beans a year, the new plant is to be equipped with next-generation technology to reduce the amount of water and energy used in production.
“It’s good news for the country for the number of jobs that will be generated,” Lopez Obrador said.
Costa said that the decision to build the plant confirms “Nestle’s confidence in Mexico.”
The project will initially create 250 direct jobs and 2,500 indirect positions, with the potential to increase those figures to 1,200 and 12,000, respectively, by the completion of the third and final phase, the CEO said.
Nestle said in a statement that it annually purchases roughly $94 million in coffee beans from more than 10,000 growers in Veracruz.