Private Tourism Investment in Mexico Totaled US$2.803 billion during First Four Months of 2008

Mexico's Tourism Minister noted that during the past 16 months of President Felipe Calderón's administration, Mexico has accumulated US$6.267 billion; as a result it has achieved 31% of its six-year goal of US$20 billion.

June 19 - Tourism Secretary Rodolfo Elizondo inaugurated the 22nd Annual Convention of the Mexican Association of Tourist Developers (AMDETUR) on "Tourism, the Engine of Development for Mexico," at which he told businessmen that Mexico has shown favorable results regarding private tourist investment by accumulating US$2.803 billion during the first four months of this year.

Accompanied by José Carlos Azcárraga, President of AMDETUR, the SECTUR director stated that as a result of the confidence of investors in the tourism sector, 31% of the six-year goal of $20 billion USD has been achieved, since over the past 16 months of President Calderón´s government US$6.267 billion in investment in tourism have been generated.
"55% of this investment comes from national capital, while the remaining 45% corresponds to foreign investors, mainly from the United States and Spain," Elizondo said.
"The presence of those of you who are tourist investors and developers confirms your enormous confidence in Mexico, and your willingness to continue combining forces and coordinating actions that will enable us to increase tourist flows and investments and thereby contribute to Mexico's economic development," declared Elizondo.
He went on to say that in order to continue promoting tourism in Mexico, the National Tourist Promotion Fund (FONATUR) will participate in major projects such as La Pesca in Tamaulipas, as well as two tourist real estate developments in Puerto Escondido and Baja California Sur.

The Tourism Secretary said that tourism in Mexico will be further reinforced by President Calderón's support of this industry, one example of which has been the creation of the National Infrastructure Fund.
"This fund provides the possibility of financing tourist projects for the state, which in turn will facilitate the construction of the tourist attractions we have planned, as well as the improvement of urban services in already consolidated destinations."
In particular, he reported, the Tourism Secretariat has formally submitted a package of seven investment requests for providing basic services such as drainage, safe drinking water and the installation of wastewater treatment plants and other urban works for seven beach tourism destinations, including Cancún, Ixtapa-Zihuatanejo, Loreto, Los Cabos, Puerto Peñasco, Puerto Vallarta and the Riviera Maya.

Lastly, Secretary Elizondo urged businessmen and investors to continue trusting in Mexico and to create a sustainable, orderly development for the benefit of the industry and Mexico's economic and social development.
"The point is not to do business to the advantage of a few and to the disadvantage of many, but to ensure that investments in Mexico are attractive and profitable for investors, while distributing wealth that will create well paid jobs and provide local benefits."
"I urge you to continue to invest in Mexico and for our growth to be orderly and planned and have a long-term vision rather than one based on doing business in a day," he stated.