MEXICO CITY, Mexico (AFP) – Netflix said Thursday that it would spend $1 billion over four years producing content in Mexico, in a boost to the government’s efforts to attract investment in the face of US tariff threats.

The streaming platform’s co-chief executive Ted Sarandos made the announcement at a news conference alongside Mexican President Claudia Sheinbaum, who hailed the plan as a win for Latin America’s second-largest economy.

“Mexico is so great that they decided to invest here,” she said.

It comes days after Sheinbaum welcomed announced investments by Spain’s biggest bank, Santander, totaling more than $2 billion over three years.

Last month, Sheinbaum presented a plan aimed at turning Mexico into the world’s 10th-largest economy with an ambitious goal of luring $277 billion of investment.

Her government is trying to avoid the sweeping 25-percent tariffs threatened by US President Donald Trump by increasing cooperation in the fight against illegal flows of drugs and migrants.