Netflix has announced it will spend $1 billion over four years to produce films and series in Mexico. This supports the government's efforts to attract investment in the face of threats from the US to impose tariffs.

One of the streaming platform's chief executives, Ted Sarandos, made the announcement at a press conference alongside Mexican President Claudia Sheinbaum, who hailed the plan as a victory for Latin America's second-largest economy.

Sarandos said Mexico, where Netflix's Latin American headquarters are located, is a "very important" and growing part of the company's regional and global operations.

"President Sheinbaum, we look forward to working with you and your many teams in government to not only grow the economy and create opportunities, but to showcase more of this beautiful Mexico's rich culture and heritage to the world," he said.

Sarandos highlighted the success of previous productions in Mexico, such as Alfonso Cuaron's 2018 Oscar-winning "Roma," AFP reported.

"Over the years, we have worked with hundreds of Mexican artists on hundreds of stories and films that have captured the hearts of Mexican audiences. Being local is very important to us. That's why all of our series and all of our films that we do in Mexico, we do them in partnership with local production companies. Every single one of them," he pointed out.

"That means we're investing in the creative community, helping talented people find their calling in our industry, but also helping people in other industries. This industry is very positive for catering, for hotels, for transportation, and also for manufacturing," Sarandos added.

He said the recent production of the film "Pedro Páramo" has contributed $18 million to the Mexican economy and has put thousands of people to work. | BGNES