Foreign investment increases in hotel industry

Companies from EU, Thailand and Singapore are planning to make investment in Myanmar hotel industry, according to Director General Aung Zaw Win from Ministry of Hotel and Tourism.

The negotiations are already discussed but the plans have been delayed because they are studying the current situations.

“There are discussions about the investment in hotel industry one times in two day. They are mostly from some European countries, Thailand and Singapore. But they are analysing the situation,” he said.

Local businessmen are making investment in small scale hotels only, sources from the ministry say.

Moreover, the rules and regulations for the construction of the hotel projects invested with foreign investment made to delay in investment, an official from the ministry said.

At present, seven countries are invested more than US$1.7 billion in hotel industry alone. There have 36 international standard hotels and 6,666 rooms. But only 30 hotels are finished completely and five hotels are still under processing stage. The last hotel is still conducting survey, the ministry announced.

Singapore is topped with US$700 million investment and Vietnam is after them with US$450 million. The rest of the seven countries are Thailand, Japan, Hong Kong, Malaysia and UK.

At present, Thailand, Japan and EU countries have been invited to invest the infrastructure of the hotel industry, sources say.

source: Eleven Myanmar

http://www.elevenmyanmar.com/tourism/4524-foreign-investment-increases-in-hotel-industry