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Cancun investments on hold until president elected

Cancun, Q.R. — Two Cancun investment projects have been placed on hold due to uncertainty of the upcoming presidential elections.

Investors for the city of Cancun have said they will place two projects on hold until they know the results of the July 1 elections.

Rafael Aguirre, president of the MERA group said, “Unfortunately some American companies that were doing business suspended our investment until we see who wins the elections.

“It was going to be a VIP lounge at the airport. At the employment level, there are 100 jobs. At the investment level, we are talking about $3 million.”

The second project put on hold was for a corporation that was to be headquartered in Cancun for Latin America. That project would have created 80 jobs and was an investment of $1.5 million USD.

Aguirre says that the investor’s fear is based mainly on candidates talking about supporting many groups with resources or pensions and that would mean higher taxes or a direct impact for companies.

“In Mexico, unfortunately the informal economy is bigger than the formal one. I think almost all the candidates offered pensions. Where do they think that money is going to come from? Your salary? My salary?” he explained.

At the moment, the MERA group has growth projects with special developments in airport restaurants with more than $25 million projected for new investments, not only in the Cancun airport, but also in the Tijuana airport.