Mexico to create new tourist resort

updated 6:31 p.m. ET Sept. 29, 2008

MEXICO CITY - Mexico is getting another beach resort on its Pacific coast.

President Felipe Calderon says the resort will boast 7 miles of beach, a marina, golf courses, hotels and condominiums.

Calderon says it will create 78,000 jobs, attract 3 million tourists a year and generate $2.8 billion annually.

Calderon calls the development in Escuinapa, Sinaloa, the most important tourism project in 25 years.

The president said Monday that the government will provide about $500 million to build the resort. Private investment is expected to come up with nearly $7 billion.

Mexico's economy relies heavily on tourism. The country draws millions of visitors each year to beach resorts like Cancun and Puerto Vallarta.

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