Tourism investment on the rise

Tourism investment on the rise

Published on Saturday, 18 January 2014 15:04

A hotel seen at Yangon (Photo - EMG)

Ministry of Hotels and Tourism has granted permission to build at least 923 hotels in late 2013 and international community is eyeing to invest in Myanmar tourism industry according to the Ministry.

Among those interested in are majority from Asian countries. Some European countries have also expressed interested in the business. Many are making contact with the Ministry for investment sector.

"Thailand who already invested in Myanmar also tops the list as well as Singapore and Japan," said Aung Zaw Win, Director General of the Ministry.

Myanmar businessmen also made huge investment in the hotel businesses and about five proposals for hotel construction have been made per week according to the Ministry.

The tourism sector in Myanmar has significantly increased after 2010 and so hotel industry which is related to the tourism is also booming and international societies are looking Myanmar to make investment.

The Ministry of Hotels and Tourism is expected to reach three million visitors this year and they are implementing to provide enough hotels to the travelers.

At present, in hotel sector, there are 36 hotels invested by 7 countries. Singapore has invested nearly US$ 700 million with 12 hotels, Vietnam with US $ 450 million. Thailand, Hong Kong, Malaysia, Japan, and Britain have also invested with a total of US $ 1710.439 million. 

http://www.information.myanmaronlinecentre.com/tourism-investment-on-the-rise/