Mexico´s Tourism to Snare $11 Billion this Year

Mexico´s travel industry is on the road to a new milestone: 20 million tourists and $11 billion worth of revenues in a single year, explained John McCarthy, chief of the country´s National Tourism Fund.

The high-ranking official said "no wonder the country is going to step up investment to new record highs this year with as many as $2 billion. A considerable chunk of that cash (35 percent) will come from foreign investors and the rest will be forked over by impresarios from the turf."

Over fifty entrepreneurs huddled recently in Mexico City with President Vicente Fox to discuss the current situation of the local travel industry and to stress their commitment to continue investing money in the country´s leisure industry. Their plans include the addition of 13,000 new hotel rooms for $5 billion in the short run.

Mexico is ready to shell out $2 billion into the local tourist industry all through this year, up a whopping 39 percent from 2003, said John McCarthy, chief of the country´s National Tourism Fund.

In the course of a meeting that gathered some of the Aztec nation´s top travel companies, Mr. McCarthy informed Mexico will reach the 20-million-tourist milestone by the end of the ongoing year. "At the end of the day," he added, "the country will be putting $11 billion into its coffers."

Furthermore, Mr. McCarthy referred to a number of potential investments worth some $5 billion to be funneled into all tourist infrastructure nationwide beginning in 2005.

The biggest lump sums of money will be spent in Baja California Sur, in Loreto, along the Mayan Riviera, in the Yucatan Peninsula, in Puerto Vallarta and in Nayarit.