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LatinNews Daily - 09 October 2019

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In brief: Mexico’s FDI in tourism totals US$507m in Q1 2019

* During the fourth Hotel & Resort Expansion Forum in Mexico City, federal tourism minister Miguel Torruco Marqués announced the findings of an official report detailing the country’s tourism statistics for the first quarter of 2019. According to the report, foreign direct investment (FDI) in the tourism sector totalled US$507.7m, 24.7% of which went to the hotel sector, and which overall corresponds to 2.8% of the total FDI in the country during the period. Torruco Marqués stated that by the end of 2019, 22,000 new hotel rooms will have been constructed, increasing the national inventory to 833,000, allowing Mexico to consolidate its place as seventh in the world in terms of hotel infrastructure. He also stated that the hotel industry currently represents 28.3% of tourism GDP, generates 84% of employment in the sector, and that for every hotel room built, 1.5 direct and 3 indirect employment opportunities are created.