U.S. President Joe Biden meets with Mexican President Andres Manuel Lopez Obrador in the Oval Place of work of the White Household in Washington, U.S., July 12, 2022. REUTERS/Kevin Lamarque

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WASHINGTON, July 13 (Reuters) – U.S. corporations system to commit $40 billion in Mexico amongst now and 2024, Mexican President Andres Manuel Lopez Obrador instructed U.S. and Mexican executives on Wednesday in a meeting aimed at quelling issues about the country’s investment local climate.

Billions of bucks in foreign expense in Mexico have been held up by disputes among companies and the governing administration as Lopez Obrador tightens state manage of the electricity sector.

Mexican billionaire magnate Carlos Slender, who was at the breakfast event, said there was an urgent need to have for significant investments to support lower the country’s import dependency.

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“The president’s position was pretty constructive in this perception, of needing to aid international and Mexican financial commitment,” Slim told reporters after the meeting.

Mexican officials had previously mentioned the talks with organization leaders, a working day after Lopez Obrador satisfied with U.S. President Joe Biden, could produce progress on a raft of pending investments in Mexico by U.S. strength corporations. read far more

The U.S. Ambassador to Mexico claimed last month that Mexico and the United States are doing the job through disputes involving U.S. businesses worth some $30 billion. browse extra

It was not promptly clear if breakthroughs experienced been manufactured on vitality challenges, but two executives taking part said the talks experienced created optimism, particularly on the prospect of bringing industrial ability again to North The united states.

Lopez Obrador on Tuesday told Biden that Mexico was completely ready to operate with the United States to secure electricity provides and endorse the financial integration of North The us.

Mexican Financial state Minister Tatiana Clouthier, who was also at the breakfast, said on Twitter Lopez Obrador pointed out he experienced arrive to pay attention to vitality businesses, including Sempra Energy (SRE.N).

Other U.S. firms attending provided New Fortress Power (NFE.O), which has key investments planned in Mexico, and Talos Vitality , which is working with Mexican point out oil company Pemex, a agenda observed by Reuters showed.

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

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