How Is The Tourism Industry In Mexico An Essential Part Of The Economy?
Aiming for it to be a destination for everyone, Mexico developed a strategy that aims to invite as many tourists as possible, regardless of their origin or travel budget. The tourism industry in Mexico is continually making itself known, creating new business opportunities for investors. Last year, plans for building big capacity hotels at affordable prices and a huge marina in the Isla Cortes are already in motion. Intending on making it the next Monte-Carlo of Central America, golf courses and 10 world-class hotels are also being built along with spaces for 450 boats and 20 super yachts.
Employment on the Industry
Not only do the tourism industry in Mexico employs 9 million Mexicans, but it also accounts for almost 9% of the national GDP and contributes $19.6 billion yearly to Mexico’s economy. Intending to complete its best year ever in terms of number of visitors, the Mexican government is doing it’s best to reach the target of 35 million tourists, despite having a setback as a direct consequence of the earthquake that hit the country last September 2017. Since the tourism industry in Mexico is foreseen as a promising industry, Sectur, the Mexican tourism industry, started implementing their projects that will further encourage visits from foreign tourists. The construction of a tourist train, hotels of various sizes, modern retirement community, and golf courses are set in motion, with the aim of attracting vacationing tourists, as well as traveling and relocating medical tourists and expat. A total cost of $816 million USD is expected, which will be mostly invested in Quintana Roo, where the famous Playa del Carmen, the island of Cozumel, and Cancun is located. Adequate funding will also be alloted for some of the projects in other areas of the Yucatan region. In addition, since the 28.2 million US tourists that visited Mexico back in 2015 are expected to increase, it urged the plan of opening of a new airport terminal in Cancun with direct flights from Los Angeles and Chicago this 2018.
Foreign entrepreneurs looking for a new investment or new business opportunities will encounter favorable circumstances with the tourism industry in Mexico. From travel agencies, insurances, or even transport facilities, high hopes of success are foreseen based on how much the market is predicted to grow. Take the Playas Palmeras project as an example. Located one hour away from Campeche, a British and Mexican administration with the support of private British investors took advantage of the tourism industry in Mexico and developed a complex targeted for various tourists.
However, as much as it is a wise decision to invest in the tourism industry of Mexico, it may not be as easy as it sounds. It is still advised to make use of back-office services in incorporating businesses because it is important that there are local experts to assist you. A good market research team that will investigate beforehand where your business or company will be the most competitive and Mexican accountants or lawyers that will guide you and give you advice on where and how to do business is highly recommended so that the great wealth of business opportunities found in the tourism industry in Mexico will be properly and highly utilized.
