Foreign investment up in hotel sector

Foreign investment volume, up until October in this fiscal year, has reached nearly US$2 billion in hotel sector in Myanmar, according to the Ministry of Hotel and Tourism.

Foreign investment consists of two parts with some foreign investments flowing directly into the hotel ministry and some to Region and State Governments. All investments totaled US$2.3 billion.

Foreign investment volume increased in hotel sector because of new investors from UAE, Vietnam and ROK (South Korea). Until now, Singapore tops foreign investment in Myanmar hotel sector.

Most foreign investors prefer doing joint venture with the private sector.There has been an increase in the number of hotels and guest houses run by local businessmen in the country. There are more than 1,000 licensed hotels including guest houses owned by local businessmen, according to the ministry.

Source : Eleven Myanmar