Mexico says it expects to receive $40 bln U.S. investment through 2024

U.S. President Joe Biden fulfills with Mexican President Andres Manuel Lopez Obrador in the Oval Business office of the White Home in Washington, U.S., July 12, 2022. REUTERS/Kevin Lamarque

WASHINGTON, July 13 (Reuters) – U.S. providers system to invest $40 billion in Mexico amongst now and 2024, Mexican President Andres Manuel Lopez Obrador told U.S. and Mexican executives on Wednesday in a meeting aimed at quelling problems above the country’s investment local weather.

Billions of pounds in foreign investment in Mexico have been held up by disputes in between providers and the federal government as Lopez Obrador tightens state control of the electricity market.

Mexican billionaire magnate Carlos Slender, who was at the breakfast occasion, stated there was an urgent want for substantial investments to aid cut down the country’s import dependency.

“The president’s place was very positive in this feeling, of needing to facilitate foreign and Mexican investment,” Slender told reporters soon after the conference.

Mexican officials experienced previously stated the talks with business enterprise leaders, a day after Lopez Obrador achieved with U.S. President Joe Biden, could supply progress on a raft of pending investments in Mexico by U.S. vitality providers. read through far more

The U.S. Ambassador to Mexico reported final month that Mexico and the United States are functioning by disputes involving U.S. providers truly worth some $30 billion. read through more

It was not right away distinct if breakthroughs had been created on electrical power challenges, but two executives getting portion mentioned the talks experienced produced optimism, especially on the prospect of bringing industrial ability again to North America.

Lopez Obrador on Tuesday advised Biden that Mexico was ready to do the job with the United States to secure power provides and promote the economic integration of North The usa.

Mexican Financial state Minister Tatiana Clouthier, who was also at the breakfast, said on Twitter Lopez Obrador pointed out he had appear to listen to electrical power providers, which include Sempra Vitality (SRE.N).

Other U.S. firms attending incorporated New Fortress Electricity (NFE.O), which has main investments prepared in Mexico, and Talos Vitality , which is doing work with Mexican condition oil company Pemex, a program found by Reuters confirmed.

Reporting by Ted Hesson in Washington Daina Beth Solomon, Dave Graham and Brendan O’Boyle in Mexico Metropolis Writing by Kylie Madry Modifying by Marguerita Choy, Josie Kao and Stephen Coates

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