Myanmar Investment Commission (MIC) approved on Wednesday a new hotel construction project in Mingaladon township which will be funded by UK and Chinese companies, according to a report of the Directorate of Investment and Company Administration.
Tristate Myanmar Co Ltd, a joint venture
of British Virgin Island RS Broad Ease Limited from UK and Winner
Wealth Limited from China, will set up a hotel and a serviced residence
in Pyinmabin Industrial Zone in Mingaladon township of suburban Yangon,
the report said.
This is the second hotel construction
project MIC approved this month. Earlier on April 5, Straits Greenfield
Ltd was approved to build a new hotel worth 80 million US dollars in the
compound of Sedona Hotel (Yangon), one of the most famous hotels in the
country.
Analysts said Myanmar tourism industry
has potential to grow as the country will host South East Asian Games
towards the end of this year and chair the Association of South East
Asian Nations next year. They highlighted the requirement of sufficient
infrastructure including hotels.
source: Eleven Myanmar
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