In February 1519,the Spanish invasion of the Yucatan began and was officially recognized as a victory on August 13,1521. However,the old adage of history repeats itself seems to be prophetic in this part of the globe.
According to official data,Spanish investment throughout Mexico exceeds 30 billion dollars and they directly own more than 2,000 companies scattered throughout the Riviera Maya real estate in various sectors.
In a recent report by the Bank of Mexico,Spain's direct investment (FDI) grew by an average of 59% in the last ten years and Mexico is still one of Spain's main destinations for productive investments and was referred to in the Wall Street Journal as a veritable "Land Grab."
This huge and continually growing influx of Spanish capital has necessitated the opening of a brand new regional office for the Spanish Chamber of Commerce,smack dab in the middle of Playa del Carmen.
The new regional Spanish Chamber of Commerce will serve all of Quintana Roo which also includes Cancun,Cozumel and Tulum. This is a significant occurrence,especially for Playa del Carmen,which is where greater than half of the 120 hotels,equivalent to more than 45,000 rooms,that are here are due to Spanish investment.
Just this last week,a meeting at the Spanish developed Hotel Azul Fives,the State Secretary for Economic Development and Economic and Commercial Counselor,Francisco Javier Garzon,as well as other government officials,stressed the importance of the work that the Ministry of Industry and Tourism have been accomplishing with the help of the COC for over 100 years here in Mexico.
Taking into account all industries,the State of Quintana Roo receives the 3rd highest level of investment from Spain. It is no wonder it is home to the fastest growing town in Latin America.