Taiwanese electronics manufacturer Quanta Computer will invest $1bn in the Mexican state of Nuevo Léon, the governor announced on May 23.

Samuel Garcia said in a video on Twitter that the investment will create 2500 jobs and reflects the broader trend of “nearshoring” and of an “economic boom” which is prompting more companies to invest in the state.

Greenfield FDI reached record highs last year in Nuevo Leon, according to fDi Markets, both in terms of the number of projects tracked and the total capital invested. Notably, Tesla announced a $5bn investment in a gigafactory near the city of Monterrey last year. Quanta is reportedly a supplier to Tesla.

Apple signs multi-billion-dollar chip deal

US tech giant Apple has signed a multi-billion-dollar agreement with US chip manufacturer Broadcom, continuing its bid to diversify supply chains away from China and boost security of supply for 5G technology.

According to an Apple statement on May 23, Broadcom will develop 5G radio frequency components, such as FBAR filters, and cutting-edge wireless connectivity components. Apple’s investment will allow Broadcom to continue to invest in critical automation projects and upskill technicians and engineers.

“All of Apple’s products depend on technology engineered and built here in the US, and we’ll continue to deepen our investments in the US economy because we have an unshakable belief in America’s future,” said Apple CEO Tim Cook in the statement.

Africa Investment Forum presents green projects worth $1.5bn

The Africa Investment Forum presented four renewable energy and sustainability projects worth a total of nearly $1.5bn to investors at the African Development Bank (AfDB)’s 2023 annual meetings, according to an ADB release on May 23.

The four projects include a 400-megawatt (MW) hydrogen and ammonia project in north Africa and a 27MW hydropower project in west Africa, alongside investment opportunities in an unnamed plastic recycling company’s expansion into seven countries and a southern Africa hydropower independent power producer. 

The Africa Investment Forum’s current project pipeline comprises 90 deals valued at $62.9bn.

And finally: European augmented reality and virtual reality spending will reach $10.5bn by 2027, according to the International Data Corporation.