International businessmen to invest in Myanmar tourism

Foreign investors expressed their interest in Myanmar tourism business at a conference held in Yangon last week.

"Myanmar Hospitality and Tourism Conference 2013" was held from February 27 - 28 by Singapore-based Sphere Group. Some 300 business executives form 13 countries including Japan, Malaysia, Singapore, Thailand and United States attended the conference.

Projects that could be invested under the foreign investment law, current tourism business in Myanmar, information about hotel and tourism business under the foreign investment law were discussed.

"Myanmar has a total of 787 hotels across the country. Among them, over twenty are 4 or 5-star hotels," union minister Htay Aung of the Hotel and Tourism Ministry told at the conference and adding "new projects have been assigned to develop infrastructure and hotels so that over 1,000 rooms will be available by the end of this year."

Foreign companies have already invested over $1.4 billion in Myanmar hotels and Tourism business. Not only Japan, Malaysia, Singapore, Hong Kong from the east but also UK, US and other countries are preparing to enter Myanmar hotel and tourism sector with a high speed.

source: Eleven Myanmar

http://elevenmyanmar.com/business/2660-international-businessmen-to-invest-in-myanmar-tourism