Taiwan-based electronics manufacturer Quanta Computer will invest $1 billion in the northern Mexican state of Nuevo Leon.
Nuevo Leon Governor Samuel Garcia announced the investment in a video shared to Twitter. It would lead to the creation of 2,500 jobs.
Speaking from Quanta Computer’s Mexican headquarters in the state capital of Monterrey, Garcia said the investment reflected the potential of “nearshoring” and was a sign of an economic boom in the state.
The announcement adds to the 2,500 jobs already created and nearly $500 million already invested by Quanta in Nuevo Leon, Pedro Campa, the company’s vice president of manufacturing operations in Mexico, told Reuters.
Campa did not say what the funds would go toward.
A Nuevo Leon spokesperson also confirmed the investment will expand Quanta’s existing operations in the state.
Quanta Computer is a supplier to electric vehicle maker Tesla, which earlier this year announced it would build a new factory worth $5 billion in Monterrey, Mexico’s third-biggest city and an industrial hub.
On Monday, Garcia met with executives from Taiwanese electronics firm Foxconn, a major Apple supplier.
Mexico is a key location for strategic investment from Foxconn, according to a January report in Nikkei Asia, which said the company was among the Taiwanese tech suppliers accelerating investment in Mexico to meet growing demand for electric vehicles.