Mexico's direct foreign investment in tourism fell by 50% in 2018

In 2017, the Mexico tourism investment that reached the industry totaled 1 billion 585 million dollars, a year later it dropped to 798 million dollars.
In 2017, the Mexico tourism investment that reached the industry totaled 1 billion 585 million dollars, a year later it dropped to 798 million dollars.

Foreign direct investment in Mexico tourism sector plummeted 50 percent in 2018, falling from 1 billion 585 million dollars in 2017 to 798.5 million dollars, figures from the Ministry of Tourism (Sectur) reveal.

Data of the dependency detail that of the total resources that were destined last year, 61 percent was directed to the construction of apartments and houses furnished with hotel services. Likewise, 24.2 percent of the money was used for the construction of hotels with other integrated services, 5.7 was for regular transportation on national airlines; 4.3 for the administration of airports and heliports, and the remaining 4.8 percent in other aspects.

The Sectur explained that the methodology for calculating the indicator of foreign direct tourist investment was approved by the Specialized Technical Committee of Economic Statistics of the Tourism Sector, taking up references from the Organization for Economic Cooperation and Development and the World Tourism Organization. 

In its report, the Sectur reported that the 798.5 million dollars disbursed in the sector represent 2.5 percent of all the foreign investment that was made in the country during last year, which amounts to 31 thousand 600 million dollars.

Since 1999, the first year that this variable was registered, up to 2018, there has been a flow of foreign direct tourist investment of 20 thousand 382 million dollars. This indicator had a percentage share of 3.8 percent of the total economic disbursement that occurred during that period.

The current federal government has reported that it will work on the creation of anchor products in the sector, this with the objective that companies invest in the creation of their own products and there is a greater outlay. He also said that the largest work in the sector will be the Mayan Train, which will require an investment of 150 billion pesos, of which 90 percent will be sought by the private initiative and 10 percent by the government.

The National Fund for Tourism Promotion, in charge of the project and dependent on the Sectur, has indicated that it is intended that the 15 stations of the railway work have various tourism products that not only generate a high economic income but also a territorial order.

Some of the investments that were made last year were the continuation of the construction of some hotels such as Accor Mexico City, Paseo de la Reforma, which will have 42 floors, and complexes of AM Resorts, Zoëtry Chamela Costalegre Mexico and Breathless Playa del Carmen Resort & Spa, in the Caribbean. Likewise, Grupo Hotelero Santa Fe projects were developed by the Krystal and Hilton brands, as well as Grupo Posadas with its Live Aqua, Grand Fiesta Americana and Fiesta Americana projects.

When heading in Cancun, Quinta Roo, the last of the three state forums of Citizen Consultation for the preparation of the National Development Plan 2019-2024, Miguel Torruco, head of the Ministry of Tourism said that, according to the Organization's data World Tourism, in 2018 Mexico went from sixth to seventh place in reception of international tourists for the recovery of Turkey after a severe fall to the social problems faced, although he clarified that the official figures of Germany and the United Kingdom still need to be known.

Regarding the development plan, the official stressed that it will not only allow an adequate allocation of public resources to fight back gaps and inequality gaps but also lay the foundations for the development of sectoral, regional, special and institutional programs.

by Agency

Recommended stories