Investing.com -- Latin American e-commerce leader, MercadoLibre (NASDAQ: MELI ), announced plans on Monday to invest 34 billion reais ($5.8 billion) in Brazil, its principal market. This investment represents a 47.8% increase from the previous year’s spending.

This record-breaking amount, which includes some operational expenses, highlights MercadoLibre’s consistent growth in Brazil, Latin America’s largest economy. The company has steadily increased its investments in the country over the past eight years, with a significant jump from 2018 when it invested just 1 billion reais.

Brazil is a crucial market for MercadoLibre, accounting for over half of the company’s revenues. The planned investments are intended for various sectors including logistics, technology for e-commerce and fintech operations, as well as loyalty programs, entertainment, marketing, and recruitment.

The company expects the investment will facilitate the creation of approximately 14,000 jobs in Brazil in 2021. This will increase the company’s total employees in the country to over 50,000 by year-end.

The investment plan was unveiled at an event attended by President Luiz Inacio Lula da Silva, held at one of MercadoLibre’s distribution centers near Sao Paulo.

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