United States companies reportedly plan to invest $40 billion in Mexico through 2024, as concluded in Tuesday's meeting.

Mexican President Andres Manuel Lopez Obrador and Foreign Minister Marcelo Ebrard are in Washington after having a meeting with United States President Joe Biden on Tuesday. According to Mexican officials, the recent discussion could give progress on a raft of pending investments in Mexico by U.S. energy companies.

Ebrard shared the new on Twitter, referring to it as the "great news for Mexico".

Massive amount of foreign investment in Mexico have been held up by disputes between companies and the government as Lopez Obrador tightens the state control of the energy market. Meanwhile, on Tuesday, the Mexican President told Biden that Mexico was now prepared to work hand in hand with the U.S. to help secure energy supplies and promote the economic integration of North America.

Mexican Economy Minister Tatiana Clouthier also participated at the business breakfast. She took to Twitter and shared that Lopez Obrador noted he had come to listen to energy companies, including Sempra Energy. It was still uncertain if breakthroughs had been made on energy issues. Still, the discussion was said to have delivered optimism, particularly in the matter of bringing industrial capacity back to North America.

Mexican billionaire Carlos Slim also attended the event, stating that there was an urgent need for significant investments to help reduce the country's import dependency. "The president's position was very positive in this sense, of needing to facilitate foreign and Mexican investment," he told reporters after the meeting. Other U.S. firms included in the event included New Fortress Energy (NFE.O), which has significant investments planned in Mexico, and Talos Energy, which is said to be working with Mexican state oil firm Pemex.

Meanwhile, in June, Ken Salazar, the U.S. Ambassador to Mexico, claimed that Mexico and the U.S. are teaming up to solve disputes involving U.S companies worth around $30 billion. Salazar previously confirmed that progress was being made in resolving problems affecting U.S. businesses in Mexico, which range from operators of fuel terminals to generators of renewable energy. "These 17 companies were companies that had very significant disputes with the Mexican government," Salazar said.

Joe Biden and Andres Manuel Lopez Obrador
U.S. President Joe Biden hosts Mexican President Andres Manuel Lopez Obrador in the Oval Office at the White House on July 12, 2022 in Washington, DC. This is the first meeting between the two North American leaders since Obrador did not to attend the Summit of the Americas last month in Los Angeles because the White House refused to invite leaders from Cuba, Nicaragua and Venezuela. Photo by Chris Kelponis-Pool/Getty Images

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