Wednesday, April 5, 2017

Fostering Mexican Investment in Jamaica

Mexico and Jamaica have been strengthening ties  which began 51 years ago with the establishment of diplomatic relations  and now has progressed to a new chapter of  investmens which has led to   the US$200 million investment in the Moon Palace Jamaica Grande Resort by the Chapur family of the Mexico based Palace Resorts fame, and the purchase of Dolphin Cove by the Mexican company, Dolphin Discovery.

Karisma Hotels and Resorts has set aside US$900 million to construct as many as nine hotels in Jamaica, adding 4,000 rooms.  The Mexico-based hospitality giant said the project will be completed over the next eight to ten years, creating about 5,000 indirect jobs in addition to 8000 direct jobs.

Mexico’s FDI is concentrated in the United States, but is also does some small investing in countries such as Colombia, Costa Rica, Ecuador, Spain, Chile and now, Jamaica.
Mexican companies invested USD$8 Billion abroad in 2015

 The economic benefits of tourism to Jamaica are without parallel.   It is an engine for sustainable job creation and an umbilical cord between economic growth and social welfare . Tourism and travel's impact on the economic and social development of a country are an important factor in opening it up for business, trade and capital investment and  creating jobs. The benefits also trickle down to service providers of all kinds and enables local companies to  supply these hotels with everything from fruits and vegetables to bedding and uniforms.
 Tourism employs the second largest number of Jamaicans (approx. 200,000) both directly (in hotels, transport, attractions and craft), as well as indirectly (trading, manufacturing, banking, etc mainly in and around resort towns)..
JAMPRO has been instrumental in promoting Jamaica as the prime source for long-term profitable tourism investments. The confidence shown in Jamaica by brands such as  , Moon Palace and Karisma from Mexico, along with other international heavyweights like Riu, Iberostar, Secrets and local multinational Sandals, is evidence of the strength of Brand Jamaica.
JAMPRO continues to cultivate value-added relationships with investors and industry associations, such as the Association of Mexican Tourism Developers (AMDETUR) to assist them with bespoke solutions and communicate the unrivaled value proposition of Jamaica's tourism sector.

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