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

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U.S. President Joe Biden meets with Mexican President Andres Manuel Lopez Obrador in the Oval Office environment of the White House in Washington, U.S., July 12, 2022. REUTERS/Kevin Lamarque/File Photograph

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WASHINGTON, July 13 (Reuters) – U.S. firms strategy to invest $40 billion in Mexico involving now and 2024, Mexican President Andres Manuel Lopez Obrador explained to U.S. and Mexican executives on Wednesday in a conference aimed at quelling fears about the country’s financial investment local weather.

Billions of pounds in foreign investment in Mexico have been held up by disputes between corporations and the federal government as Lopez Obrador tightens condition command of the energy marketplace.

Mexican billionaire magnate Carlos Trim, who was at the breakfast function, reported there was an urgent have to have for significant investments to help minimize the country’s import dependency.

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“The president’s situation was very optimistic in this feeling, of needing to aid overseas and Mexican financial commitment,” Slender explained to reporters right after the assembly.

Mexican officers had beforehand mentioned the talks with company leaders, a day just after Lopez Obrador satisfied with U.S. President Joe Biden, could provide progress on a raft of pending investments in Mexico by U.S. energy corporations. study much more

The U.S. Ambassador to Mexico stated past thirty day period that Mexico and the United States are functioning through disputes involving U.S. companies really worth some $30 billion. study much more

It was not immediately distinct if breakthroughs had been produced on power difficulties, but two executives taking section reported the talks experienced produced optimism, notably on the prospect of bringing industrial capacity back again to North America.

Lopez Obrador on Tuesday instructed Biden that Mexico was ready to perform with the United States to secure energy materials and market the economic integration of North The usa.

Mexican Economic system Minister Tatiana Clouthier, who was also at the breakfast, reported on Twitter Lopez Obrador famous he had come to hear to electrical power firms, including Sempra Electrical power (SRE.N).

Other U.S. firms attending included New Fortress Electricity (NFE.O), which has important investments prepared in Mexico, and Talos Energy , which is doing the job with Mexican state oil organization Pemex, a timetable viewed by Reuters confirmed.

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

Our Expectations: The Thomson Reuters Trust Principles.

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