The chief executive of streaming giant Netflix on Thursday announced a $1 billion investment to produce some 20 films and TV series in Mexico annually over the next four years.Speaking at President Claudia Sheinbaums morning press conference in Mexico City, Netflix CEO Ted Sarandos said he looked forward to entering more partnerships with producers in the Latin American nation.Sheinbaum said the investments in the film industry should produce many jobs beyond immediate production needs, such as hospitality for actors and crew members, fashion designers and also spur tourism.Its an industry that gives a lot of mileage to the economy, Sheinbaum said. Its not only important for Mexico to be seen in the world, but also because of the economic development and jobs generated by a production.Netflix has invested in Mexican productions such as Club de Cuervos, a comedy-drama about the politics of a local soccer club, 2018s Roma, the first Mexican entry to win the Oscar for best non-English language film, and last years Pedro Paramo.Pedro Paramo, an adaptation of Juan Rulfos classic 1955 novel, required the support of hundreds of artists and musicians and the production of some 5,000 traditional textile items, Sarandos said, adding that the books sales later tripled.Netflix has already agreed to collaborate with Mexico Citys Estudios Churubusco, one of Latin Americas longest-running film studios, Sarandos said.He added that Netflix plans to fund programs to help talent behind the camera break into the industry, and that Mexicos geographical variety makes it a good location for filming.Last year, Netflix bought the rights to Oscar-nominated Emilia Perez, a French-made musical about a trans Mexican drug lord, which garnered much criticism in Mexico over cultural stereotypes, poor Spanish, lack of Mexican actors and a light treatment of the issue of forced disappearances and spawned a Mexican-made parody in retaliation.Emilia Perez began screening in Mexican cinemas nearly half a year after its European release date, and Mexicos consumer watchdog had to order a top cinema chain to clarify its guarantee refund policy after many spectators walked out of the movie.($1 = 20.3374 Mexican pesos)Sarah Morland and Aida Pelaez-Fernandez, Reuters