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Mexican President Pena Nieto said an energy reform package will generate 150 billion U.S. dollars over the next four years, local press reported Wednesday.
The energy reforms include the opening of the nationalized oil sector to private investment. Additionally, tax reforms will allow the government to earn 2.5 percent of the nation's gross domestic product (GDP) in tax revenues by 2018, the report said, citing Pena Nieto's statements.
During his 20 months in office, Pena Nieto's government has pushed through some 11 reforms, including the most controversial energy reforms.
"The country has seen mediocre economic growth of 2.3 percent a year for the past three decades, which did not allow for increased employment nor did it meet the needs of the growing number of young people who needed a good job," Pena Nieto said.
The energy reforms have the potential to generate "investment of 150 billion dollars over the next four years in energy sector," said Pena Nieto, adding they are also "expected to create some 500,000 jobs in the energy industry alone."
The additional tax revenues forecast, which is some 500 billion pesos (38 billion U.S. dollars), will be earmarked to upgrade lagging public services such as healthcare, education, infrastructure and security, said Pena Nieto.
The president said that analysts believe the reforms will help drive growth starting in 2015 of 3 to 4 percent a year, to reach nearly 5 percent by 2018.
"That will mean more and better jobs for Mexicans and greater economic output. Based on the new tax model, we will achieve a better redistribution of the nation's wealth," said Pena Nieto.
