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Mexico to Receive $3.5 Billion in Foreign Tourism Investment

13 September, 2012

Foreign investment in Mexico's tourism sector is expected to continue to rise,hitting at least $3.5 billion over the next three years alone,according to the latest predictions published by Mexican authorities. This tremendous influx of new capital is expected to spur development in the tourism sector,create more than 20,000 new jobs and to bolster the country's already growing economy. 

Interestingly,much of the new investment money is coming into Mexico from countries like Spain,Germany and a number of Asian states,according to a joint statement that was issued by Mexico's economic secretary,Bruno Ferrari,and the country's tourism secretary,Gloria Guevara,at a recent press conference. 

Guevara stated,"There exists a committed investment of $2.5 billion,and another $1 billion will be arriving at the proper time." She went on to explain that hotel groups like Melia and Barcelo have already confirmed that they will continue to develop new resorts and other hospitality venues in Mexico real estate throughout the coming months and years. 

Ferrari and Guevara also discussed Mexico's current progress on President Calderon's National Tourism Accord,which he signed in February of 2011 with the support of both the private sector and unions. Ferrari stated,"We're working with investments to support small and medium businesses." Specifically,financing for micro,small and medium tourism ventures has been significantly increased by commercial banks and other financial institutions,with more than $170 million in loans already approved that will support more than 1,000 small-to-medium sized tourism-related businesses.

Ferrari also pointed out that the tourism sector continues to be Mexico's third most lucrative source of annual income,coming in at an impressive 9 percent of the country's gross domestic product (GDP),calling it,"a great potential and opportunity for Mexico's continued economic growth."

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Topics: Tourism