Jul 28, 2012

Foreign investors eye Myanmar's hotel industry

Investors from Vietnam, France and India are eyeing a slice of Myanmar's hotel industry due to the explosive growth rate of tourism in the country, local media reported Tuesday.

The demand for hotel rooms has risen as the number of tourist arrival on business and visiting visa increased rapidly.

Hoteliers include HAG & Land from Vietnam, Accor Group from France and Oberoi Hotels & Resorts from India, the Weekly Eleven News said.

Among them, HAG & Land from Vietnam, which is the first prospective investor, is expected to invest 300 million U.S. dollars in Myanmar's hotel sector.

It had approached the Myanmar Investment Commission (MIC) in 2000 but reached no business agreement yet.

At present, Myanmar has about 20 foreign-invested hotels in Yangon out of 35 of its kind across the country which were mainly invested by Singapore, Japan, Thailand, Malaysia, China's Hong Kong with the investment amount hitting about 1 billion U.S. dollars.

Source:  Xinhua


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