It's a simple phrase expressing a desire to be with or have a friend.
Here are some things to note:
* "Yo" means "I"
* "Quiero" means "want"
* "Mi" means "my"
* "Amigo" means "friend"
The phrase can be used in various situations, such as:
* Expressing a longing for a friend: "Yo quiero mi amigo. He's been gone for so long."
* Asking for a friend's company: "Yo quiero mi amigo. Let's go out tonight."
* Emphasizing the importance of a friend: "Yo quiero mi amigo. He's the best."
The phrase can be used both literally and figuratively. It's important to consider the context to fully understand the meaning.