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Mexico's 2008 Private Tourism Investment Up 34% To $4.64 Billion

MEXICO CITY -(Dow Jones)- Private investment in Mexico's tourism sector rose 34% last year to $4.64 billion, Tourism Minister Rodolfo Elizondo said Thursday. 
States that saw major investments included Quintana Roo, where the Caribbean resort of Cancun is located, as well as the Pacific coastal states of Nayarit, Baja California and Sinaloa, Elizondo said at a tourism event in Spain, according to a ministry press release. 
Of the total investment, 52% came from domestic sources while 48% was put up by foreigners, mostly from Spain and the U.S. 
Private tourism investment in 2007 and 2008 totaled $8.11 billion, and Mexico is on track to reach the $20 billion level the government expects between 2007 and 2012, Elizondo said. 
"Mexico is a country with enormous cultural, historical, architectural and gastronomic potential," he said. "It has extraordinary archeological zones, marvelous beaches, forests and jungles, and people whose hospitality puts us above our competitors." 
Foreign tourism is a major source of foreign currency income in Mexico, and brought in $12.12 billion in the first 11 months of 2008. 

Thursday January 29th, 2009 / 21h16

-By Paul Kiernan, Dow Jones Newswires; (5255)5001-5726, paul.kiernan@dowjones.com 

Published Monday, February 2, 2009 11:10 AM by Kanoa Biondolillo

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