According to an article published
online by The Wall Street Journal last Wednesday,Mexico’s Tourism Ministry has
reported that private investment in the country’s tourism projects has risen 127
percent,hitting a whopping $903 million during the first three months of 2011
alone,as compared to the same period in 2010.
The vast majority of the newly
allocated investment money has been flowing into Mexico City,which has
received nearly $200 million dollars in tourism-related funds so far this year.
The second largest recipient is reportedly Mexico’s state of Nayarit,which is
located along the scenic Pacific coast,at $164 million dollars,followed by
the central Mexico state of San Luis Potosi,which has been granted more than
$100 million dollars.
According to the article,much of
the new investment money will be dedicated to building new lodging and
accommodations,while the rest will be dedicated to supporting and developing
new real estate opportunities,as well as food and beverage services,which was
another prime focus for the funding. These decisions were made based on data
that was collected from investors,federal entities and various local business
organizations throughout the areas that are receiving the funding.
Since 2006 when current Mexican
president Felipe Calderon took office,Mexico has already secured more than $14
billion in tourism investment dollars. The country’s Tourism Ministry
attributes this to the quick recovery of assets and investments in Mexico,
which is supported by ideal macroeconomic conditions and a highly skilled
According to a report by the World Travel and Tourism Council,tourism
is expected to account for more than 13 percent of Mexico’s gross domestic
product,which is the value of all goods and services produced,and also will
provide close to 15 percent of all domestic jobs,making tourism Mexico’s third
largest source of revenue.