SECTUR promotes tourism investment in Mexico at CIMET

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SECTUR promotes tourism investment in Mexico at CIMET
Source: Twitter @SECTUR_mx
January 19, 2022

The Secretary of Tourism participated yesterday in the XXV Ibero-American Conference of Tourism Ministers and Entrepreneurs and stressed that the country continues to be attractive thanks to a series of incentives to carry out profitable business

The Secretary of Tourism of the Government of Mexico, Miguel Torruco Marqués, participated today in the XXV Ibero-American Conference of Ministers and Entrepreneurs of Tourism CIMET 2022, which was carried out as part of the work prior to the inauguration of the Fitur International Tourism Fair , In Madrid Spain.

In his speech, the head of the Ministry of Tourism stated that the tourism industry in Mexico is still in the process of clear recovery, which is why it continues to be a very attractive country for national and foreign investment, thanks to the fact that it offers a series of incentives that place it as a destination with ample opportunities to carry out profitable and successful businesses.

He explained that in 2020, Mexico was the 16th economy in the world and the 17th nation with the largest amount of international reserves; In addition to representing a great export platform due to its strategic geographic location and strong infrastructure, as well as its 13 free trade agreements with 50 countries, which make it the most open economy globally.

Likewise, according to the Organization for Economic Cooperation and Development (OECD), in 2019 Mexico was one of the countries with the lowest tax burden on labor.

Other attractions are that it has immediate tax deduction programs and federal tax incentives for the acquisition of new fixed assets for companies that do not have an established permanence in our country; and the accreditation to the Value Added Tax (VAT) is 100 percent deductible, while the Income Tax (ISR) is applied in specific percentages.

He added that the most relevant program is the one presented on January 1, 2019 in the border area with the United States, which benefits 6 states in the country. "I am referring to the reduction of VAT from 16 to 8 percent, and Income Tax from 30 to 20 percent, with which a strong increase in investment is expected over this entire range," he said.

At the end of 2020, this fiscal program was extended until December 21, 2024 and its application was also determined in border municipalities of the states of Chiapas, Tabasco, Campeche and Quintana Roo, starting last year.

In addition, Mexico has an extensive airport network, made up of 76 air terminals: 58 international and 18 national, operating 846 origin-destination routes, of which 385 allow connectivity with 37 nations of the world.

"In short, Mexico is a destination with multiple advantages for investment, which generates trust and legal certainty, which is why I urge entrepreneurs in the tourism sector from all over the world to invest in our country," he asserted.

Secretary Torruco Marqués specified that at the end of 2021, a national investment of 10 billion 577 thousand dollars is maintained, with 521 tourism projects; while in the third quarter of last year foreign direct investment in tourism totaled 1,548 million dollars.

He reiterated that the Mexican tourism industry is undergoing a recovery process, as its main indicators demonstrate, among which he mentioned that by 2021 the arrival of 31 million international tourists is estimated; a collection of 18 thousand 428 million dollars; and an average annual hotel occupancy of 45.9 percent, with an inventory of 854 thousand rooms in 24 thousand 695 hotel establishments at the end of 2020.

During the CIMET meeting, Secretary Torruco Marqués was awarded the Medal of Merit for the Internationalization of Spanish Tourism in Ibero-America.

“Thanks to the CIMET authorities for the recognition they have given me. It is an honor to receive this medal that I share with you. Congratulations also to CIMET for its XXV years building and uniting countries through tourism”, said the head of Sectur upon receiving the distinction.


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