Sectur invites in Spain to continue investing in Mexico

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Sectur invites in Spain to continue investing in Mexico
Tue January 21, 2020

In the framework prior to the start of Fitur, in Madrid, the Secretary of Tourism of the Government of Mexico participated in the XXIII Ibero-American Conference of Tourism Ministers and Businessmen

Before ministers and businessmen of the tourism sector, the Secretary of Tourism of the Government of Mexico, Miguel Torruco Marqués, said that in our country investment opportunities are and will continue to be enormously attractive, since it offers incentives that make it a destination with wide options for the establishment of profitable and successful businesses.
Participating this morning in the XXIII Ibero-American Conference of Tourism Ministers and Entrepreneurs CIMET 2020, prior to the International Tourism Fair of Spain, which will begin tomorrow, said that in the global ranking Mexico is located in the seventh position in reception of tourists and in the 17th in currency capture; its tourist activity represents 8.7 percent of the Gross Domestic Product; and it has a solid tourist infrastructure, as well as numerous and impressive natural and cultural beauties that make it very attractive for investment.
He said that in the third quarter of last year, foreign direct investment to Mexico in tourism was 898 million dollars, which represents three percent of the total foreign direct investment captured in the country; 25 percent of this investment in the sector is channeled to the hotel industry.
He added that for the current year and in the next two years, Mexico has a private investment portfolio amounting to 15 thousand 300 million dollars, in two thousand 755 projects distributed throughout the country, which will boost the construction of 90 thousand quarters of hotel and the creation of 79 thousand direct jobs.
The head of the Ministry of Tourism said that last year 22 thousand rooms were built, so the national inventory reaches 830 thousand, 2.7 percent more than in 2019; as well as 23,232 lodging establishments, three percent above what was recorded in 2018, an amount that strengthens us in the seventh position in hotel infrastructure worldwide.
“The above is a clear example of the trust generated by Mexico and the government of President Andrés Manuel López Obrador, who since the beginning of his administration has carried out a profound economic, social and moral transformation of our country, laying the foundations of a most prosperous, fair and equitable nation, ”he said.
He added that Mexico offers a series of incentives that place it as a destination with ample opportunities for the establishment of profitable and successful businesses: it is the 15th economy in the world and the 15th country with the largest number of international reserves; It represents a large export platform, due to its strategic geographical location and strong infrastructure, as well as its twelve Free Trade Agreements with 46 countries, which represent a potential market of 1.2 billion people and make it the most open economy in the world; In addition, with the Transpacific Economic Cooperation Agreement, it has access to twelve nations that represent 13.5 percent of the world's Gross Domestic Product, six of them new to Mexico: Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam.
Other incentives for investment are its fiscal collection capacity that is rising due to the constant increase in GDP per capita; that in 2019 Mexico was one of the countries with the lowest tax burden on work, according to data from the Organization for Economic Cooperation and Development (OECD); anti-corruption and financial reforms, which are in the process of evolution and improvement; its immediate deduction tax programs and federal tax incentives for the acquisition of new assets of fixed assets for companies that do not have established permanence in Mexico, apart from the fact that the accreditation of the Value Added Tax is 100% deductible and the Tax on the Rent is applied in specific percentages.
Finally, among these stimuli is also the most relevant fiscal program that was presented in the border area with the United States, which benefits six states in the country.
"I am referring to the decrease in VAT from 16 to 8 percent, and the ISR from 30 to 20 percent, which is expected to increase the investment over this entire range," he said.
Secretary Torruco Marqués added that other actions at the border include the homologation of the cost of gasoline with US border entities, the increase in the minimum wage by 110 percent; and the increase in the pension of older adults by 126 percent.
"In summary, investment opportunities in Mexico are and will continue to be extremely attractive," he said.
He pointed out that in the particular case of Spain, which is the second largest tourist market in Europe to Mexico, after the United Kingdom, and the seventh worldwide, it is important to note that it has also positioned itself as the second nation with the largest investments in our country, since from 1999 to the third quarter of 2019 invested almost 2 billion dollars.
"In this context, I make an attentive invitation to entrepreneurs in the tourism sector in Spain and around the world to continue investing in Mexico, a nation that offers, today more than ever, security and legal certainty," he said.
Participating in this meeting of ministers in the panel "Current situation and perspectives of transport and air connectivity between Spain and Latin America", at the express request of Manuel Butler, executive director of the UNWTO, the head of Sectur said that the possible future Iberia's purchase of Air Europa does not represent any risk for Mexico, as long as the current offer is not reduced.
He explained that the market between Mexico and Spain is covered by five airlines: Aeromexico and the Spanish companies Iberia, Air Europa, Evelop Airlines and Wamos Air, which together in the first eleven months of 2019 took almost 557 thousand passengers to the airports of Ciudad de Mexico and Cancun
In particular, Iberia and Air Europa accounted for 56.5 percent of the market between Spain and Mexico, which in volume meant 315 thousand passengers in the same period.
The head of Sectur trusted that, if the purchase is completed, the air markets will be rearranged, as happened after the bankruptcy of Thomas Cook, last year, to return to its normal channel.
In the afternoon, he held a private meeting with Zurab Pololikashvili, secretary general of the World Tourism Organization, with whom he talked about the positive trend that tourism in Mexico has registered, as well as about the main axes of our country's tourism policy.
Finally, Secretary Torruco Marqués commented with Mr. Pololikashvili his plans for the internationalization this year of the successful program of Magical Towns.


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