FDI in Myanmar hotel and tourism projects soar to US$2,918.5252m

Foreign direct investments (FDI) in Myanmar hotel and tourism projects soared to US$2,918.5252 million, it is learnt from the Ministry of Hotels and Tourism.

Currently, there are 52 hotel projects in Myanmar, both FDI and joint investments. Singapore is on the top of the list in FDI in Myanmar hotel sector with an investment of US$1,624.1944 million, followed by Thailand with an investment of US$445.63million and Viet Nam with US$440million, it is learnt.

After the Myanmar Citizen investment Law was enacted, permission to build 63 hotels having 9,120 rooms was granted by the Myanmar Investment Commission (MIC), with an investment of Ks1,439,463.12million. According to statistics from the Hotel and Tourism ministry, there are a total of 1,361 hotels with 5,335rooms.

The World Travel & Tourism Council (WTTC) predicts that Myanmar will be at or near the top place out of 180 countries in average annual growth before 2025 because of the growing GDP rate, the rise in income earned from the Myanmar tourism sector and long-term developments, including job opportunities. The hotels and tourism ministry said that concerted efforts are required to gain momentum in the tourism sector. Myanmar is expected to host 7.49 million tourists in 2020. With Myanmar’s growing tourism sector, it is expected that the target will be met in the coming years. The incumbent government is taking steps to effectuate development of the tourism sector.

Source: Global New Light of Myanmar

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