Myanmar Investment Commission
(MIC) has so far granted permission of up to US$2 billion worth of
investment in hotels and tourism-related businesses, according to the
Ministry of Hotels and Tourism.
Growth in the hotel businesses and
foreign investment has been steadily on the rise for the last three
years as Myanmar struggles to accommodate over double the amount of
tourist arrivals in 2013.
"So far 39 hotels and businesses have
been allowed by MIC. The investment amount is approximately about US$2
billion," said Hlaing Oo, Director of the Foreign Investment Department.
Investors from Asia and Europe are
studying opportunities to invest in the country's booming tourism
industry. The Ministry of Hotels and Tourism predicts that as many as 3
million tourists will visit Myanmar this year, up from 1 million
accounted for in 2012.
Many are discussing with the ministry to
build new hotels in Yangon as well as other tourist destinations
including Dawei, Kawthoung and Myeik and Hlaing Oo.
Local businesses are also investing in
building hotels and up to five proposals are being submitted to the
ministry every week, said Director General Aung Zaw Win from Hotel and
Tourism Department.
The hotel sector has developed
significantly due to a boom in tourism after 2011. The number of
licences rooms rose 22 percent since 2012 with another 10,000 expected
to open this year.
Singapore is leading the foreign
investment in the hotels and tourism industry with nearly US$ 700
million going towards new projects.
Source:Eleven Media,22Jan2014
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