Corona beer maker Modelo says to invest $3.6 billion in Mexico

Grupo Modelo, the producer of Corona and other Mexican beer brands, said Thursday that it would invest more than $3.6 billion in Mexico. The Vice President of the brewer owned by Belgian-Brazilian giant AB InBev said at President Claudia Sheinbaum's morning news conference. He said the investment would be used to modernize the company's plants and stores.

The government said it had received nearly 2,000 investment pledges totaling almost $300 billion -- equivalent to around 16 percent of the country's annual economic output. The International Monetary Fund this week predicted that Mexico's economy, the second largest in Latin America, would shrink by 0.3 percent this year.