The chief executive of streaming giant Netflix 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 Sheinbaum's 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.

"It's an industry that gives a lot of mileage to the economy," Sheinbaum said. "It's 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, 2018's "Roma," the first Mexican entry to win the Oscar for best non-English language film, and last year's "Pedro Paramo."

"Pedro Paramo," an adaptation of Juan Rulfo's 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 book's sales later tripled.

Netflix has already agreed to collaborate with Mexico City's Estudios Churubusco, one of Latin America's 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 Mexico's 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 Mexico's 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)