US food and beverage giant PepsiCo has outlined a US$3bn investment package for its business in Mexico as it looks to build its Sabritas and Gamesa snacks operations south of the border.

The company said yesterday (20 November) that around $2bn of the spending would go on R&D, manufacturing and distribution and marketing for its food business over the next five years.

The rest of the cash will go towards marketing and advertising of its beverage brands in Mexico between now and 2011.

"For the last 100 years, Mexico has been a key market for PepsiCo, and today's news is the latest proof that we will continue to invest for growth here," PepsiCo Americas Foods CEO John Compton said in Mexico City.