Spaniards Have Poured $900 Million into Quintana Roo

Spanish investors have already anted up more than $900 million into the travel industry of the Mexican state of Quintana Roo over the last seven years, local authorities informed today.

Luis Garcia Silva, Quintana Roo’s secretary of economic development, told Spanish news agency EFE that his state “has panned out to be the investment core of Spanish travel companies.”

”This opens up the possibility of new projects and lays the grounds for bringing more foreign capital to this state, a state that really has what it takes to assimilate this volume,” Mr. Silva was quoted as saying.

In line with the General Foreign Investment Division for the state’s Department of Economics, Quintana Roo had registered 1,064 partnerships and joint ventures with Spanish firms until September 2003, a 3.8 percent of the 27,939 such enterprises officially registered all across the country.

The report also indicates that Spanish companies are mostly zeroing in on such sectors as services (38.5 percent of the total investment volume), manufacturing industries (26.2 percent) and trade (25.3 percent).

Mexico, Jalisco, Nuevo Leon and Quintana Roo are the Mexican states that have benefited the most from this investment spree.