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.