Philippine-based Microtel Corporation is preparing to invest in hotels, real estate and educational services in Myanmar, according to Myanmar Investment Commission (MIC).
Jose Mari del Rosario, Chairman of Microtel Development Corporation, visited the Directorate of Investment and Companies Administration (DICA) in Nay Pyi Taw to discuss the rules and regulations regarding their investment.
The Microtel Development Corporation is known for its franchise Microtel Inns & Suites which numbers 300 hotels around the world including the Philippines, the United States, Canada and Mexico.
Over US$ 1,590 million of foreign capital has been invested in Myanmar’s hotels and tourism industry and over US$ 193 million has gone towards real estate developments.
The MIC has granted permissions to Myanmar companies and Singaporean firms to hire buildings and land in Yankin Township, Yangon Region under Build-Operate-Transfer agreements according to the new Foreign Investment Law.
Companies from the United States and other countries are planning to open branch offices in Myanmar to invest in insurance services, foodstuff industry, hotels and toursim, construction, according to DICA.
Source: ELEVEN Myanmar
