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General Motors Co. (GM) announced on Wednesday that it will spend $691 million to build and expand its factories in Mexico.

GM Mexico President Ernest Hernandez said the move will boost Mexican employment and development.

“The automotive sector is today one of the pillars of the national economy, representing more than 20 percent of manufacturing GDP and continues to be, for many reasons, a fundamental industry in attracting investments to productive sectors of the economy,” said Hernandez.

GM says it plans to open a new factory in Silao and enhance its San Luis Potosi facilities.

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