May 27, 2012

Singapore expected to invest more in Myanmar's hotel sector

Singaporean businessmen are expected to make more investment in Myanmar's hotel and tourism sector, local media reported on Saturday.
A 15-member delegation of International Enterprise Singapore Business Department Trip to Myanmar, led by Group Director Southeast Asia Group Tan Soon Kin, held discussions with officials of Myanmar's Ministry of Hotels and Tourism in the second week of this month, said the Biweekly Eleven News.
Details of the discussions are yet to be known.
Singapore is the biggest foreign investor in Myanmar's hotel and tourism industry, running the Sedona Hotel and Park Royal Hotel in Yangon and the Sedona Hotel in Mandalay.
Other major foreign investors in the country's hotel and tourism industry come from Thailand, Japan, Hong Kong, Malaysia and Britain.
According to the report, the United States and other countries are also keen to invest due to the bright prospects in Myanmar's hotel and tourism industry.
At present, Myanmar has 22 foreign-invested hotels, nine government-owned hotels and 678 private hotels, in addition to 11 hotel zones in regions where tourists visit frequently.
To create more job opportunities for the local people, the Myanmar government is also keen to encourage both foreign and local investment in the hotel and tourism sector.
The government is expecting to launch more than 50 hotels across the country over the next two years.