Myanmar Investment Commission (MIC) has so far granted permission of up to $2 billion worth of investment in hotels and tourism-related businesses, according to the Ministry of Hotels and Tourism. Growth in the hotel businesses and foreign investment has been steadily on the rise for the last three years as Myanmar
Myanmar Investment Commission (MIC) has so far granted permission of up to $2 billion worth of investment in hotels and tourism-related businesses, according to the Ministry of Hotels and Tourism.
Growth in the hotel businesses and foreign investment has been steadily on the rise for the last three years as Myanmar struggles to accommodate over double the amount of tourist arrivals in 2013.
"So far 39 hotels and businesses have been allowed by MIC. The investment amount is approximately about $2 billion," said Hlaing Oo, Director of the Foreign Investment Department.
The Ministry of Hotels and Tourism predicts that as many as 3 million tourists will visit Myanmar this year, up from 1 million accounted for in 2012.
Many are discussing with the ministry to build new hotels in Yangon as well as other tourist destinations including Dawei, Kawthoung and Myeik and Hlaing Oo.
Local businesses are also investing in building hotels and up to 5 proposals are being submitted to the ministry every week, said Director General Aung Zaw Win from Hotel and Tourism Department.
The hotel sector has developed significantly due to a boom in tourism after 2011. The number of licenses rooms rose 22% since 2012 with another 10,000 expected to open this year.
Singapore is leading the foreign investment in the hotels and tourism industry with nearly $ 700 million going towards new projects.