Mexico announced plans Tuesday to invest $30 million in a Guatemalan milk plant, aiming to increase employment in its neighbor and reduce the outflow of migrants.
The plant will be built in Escuintla, 31 miles (50 kilometers) outside of Guatemala City.
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A representative of Guatemala's foreign ministry told The Associated Press that the plant will generate at least 4,000 new jobs.
Mexican President Enrique Pena Nieto, who began an official visit to Guatemala on Tuesday, emphasized the importance of "further reinforcing a frank and permanent dialogue" between the two countries.
Guatemalan President Jimmy Morales said cross-border commitment is particularly important for efficient trade and migration.
Tens of thousands of Guatemalan immigrants cross the Mexican border each year in a bid to reach the United States.