Myanmar has received almost US$2.5 billion (Ks3.3 trillion) in foreign investment injected into 65 projects in the hotel and tourism sector as of the end of October 2016, the Directorate of Investment and Companies Registration (DICR) has reported.
After recording $2.481 billion invested into the hotel and tourism sector by the end of October, foreign investment continued to increase marginally. The hotel and tourism sector stands in the seventh position in terms of attracting foreign investment, for 3.79 per cent of the total.
Official figures for foreign investment at the end of October 2016 showed $22 billion targeting the oil and gas sector, $20.3 billion in other energy, $7.3 billion in production, $6.7 billion in transport and $3.1 billion in real estate.
In addition to the stated foreign investment, Myanmar nationals and foreign parties have signed an agreement on a joint venture in the hotel and tourism sector, according to the DICR.
Myanmar expects to attract more than $9 billion to the hotel and tourism sector within the next five years. The second designated period of national development will be from 2016-2017 to 2020-2021.
The Myanmar investment commission was reconstituted on June 7, two months after the new government came to power.
Source: Eleven Myanmar
