Tourism Sector to Bring Increased Foreign Investment in Mexico

Over the next three years, foreign investment in Mexico will experience a boom from the country's tourism sector, authorities say. The investments come mainly from Spanish, German and Asian companies, Economy Secretary Bruno Ferrari and Tourism Secretary Gloria Guevara said at a press conference. Secretary Guevars said that now "there exists a committed investment of $2.5 billion," and that another $1 billion "will be arriving at the proper time."

Nearly $2.5 billion is already committed to development projects, with an additional $1 billion expected to follow. The estimated $3.5 billion in investment will create approximately 20,000 jobs around the country. Foreign investment in Mexico will come from mainly Spanish, German and Asian companies and hotel groups like Melia and Barcelo, which are already expanding their operations in Mexico. Tourism is Mexico's third-largest source of income, valued at 9 percent of the country’s gross domestic product and is a key area for growth. Last month President Felipe Calderon, along with private sector companies and unions, signed the National Tourism Accord with the goal of promoting Mexico’s tourism industry.