IBM invests US$4mn in new office in Querétaro

IBM (NYSE: IBM) has invested US$4mn to open a new office in Mexico's Querétaro city, the company said in a release. The move is part of IBM's geographic expansion to strengthen its presence in growth markets. According to the release, Querétaro was chosen based on its international competitiveness and high industrial development in manufacturing, banking, logistics and aerospace, as well as its potential to develop specialized human capital in IT skills. The Querétaro office is IBM's fourth in the country after Mexico City, Guadalajara and Monterrey. Mexico is one of IBM's 20 countries of focus for investment and expansion beyond the BRIC countries. According to local media El Economista, 70% of the company's results in Mexico come from Mexico City and only 30% from the rest of the country. "We'd like to change that 30% to at least 40% in the coming years," the general manager for Mexico and Central America, Hugo Santana, was quoted as saying. Of the 6,000 clients that IBM has in the country, Querétaro will provide services to 5-6%, he added. IBM currently has more than 230 offices in 55 countries.