US companies to invest $40bn in Mexico through 2024 | Business and Economy News

The news comes on the heels of Mexican President Andres Manuel Lopez Obrador’s meeting with US President Joe Biden.

United States companies plan to invest $40bn in Mexico between now and 2024, Mexican President Andres Manuel Lopez Obrador told a meeting of US and Mexican executives on Wednesday, according to Mexican Foreign Minister Marcelo Ebrard.

Lopez Obrador and Ebrard are in Washington after a meeting between the Mexican president and his US counterpart Joe Biden, as well as other officials, on Tuesday.

Calling it “great news for Mexico”, Ebrard revealed the prospective investments on Twitter as Mexican officials met the executives for a business breakfast in the US capital.

Mexican officials said the talks could deliver progress on a raft of pending investments in Mexico by US energy companies.

Billions of dollars in foreign investment in Mexico have been held up by disputes between companies and the government as Lopez Obrador tightens state control of the energy market.

En desayuno con el CEO Dialogue US-México, el Presidente López Obrador informa que las inversiones de empresas de EU en nuestro país que serán efectuadas entre esta fecha y 2024 suman ya 40 mil millones de dólares . Buenas noticias para México!!

— Marcelo Ebrard C. (@m_ebrard) July 13, 2022

Still, Lopez Obrador on Tuesday told Biden that Mexico was ready to work with the US to help secure energy supplies, and promote the economic integration of North America.

Mexican Economy Minister Tatiana Clouthier, who was also at the business breakfast, said on Twitter that Lopez Obrador noted he had come to listen to energy companies, including Sempra Energy.

The US Ambassador to Mexico, Ken Salazar, said in June that Mexico and the US are working through disputes involving US companies worth some $30bn.

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