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LatinNews Daily - 17 September 2020

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In brief: Tourism foreign direct investment in Mexico slumps

* According to figures from Mexico’s tourism ministry (Sectur) foreign direct investment (FDI) in Mexico’s tourism sector was just US$350.8m in the first half of 2020, a significant drop on the US$507.7m registered in the same period in 2019. This follows other worrying figures regarding the tourism sector which has been badly affected by the impact of the coronavirus (Covid-19) pandemic. A May report by Mexico’s national tourism business council (CNET) estimated that M$500bn (US$23.7bn) in tourism revenue was lost from March to May. A joint report issued the same month by CNET and research centre Centro de Investigación y Competitividad Turística Anáhuac (Cicotur) estimated that tourism consumption for 2020 would fall by M$1trn – a 49.3% contraction in consumption compared with the previous year. According to CNET the tourism sector accounts for 8.7% of Mexico’s GDP and generates 4.3m direct jobs.