Mar 22, 2013

US, EU plan to invest in hotel industry in Myanmar

The United States and some European countries planned to invest in Myanmar hotel industry for the first time, Director Hlaing Oo of Foreign Investment Department under the Ministry of Hotels and Tourism said.

With growing number of tourists to Myanmar, the US and European countries like Germany and Switzerland are discussing about the investment to build hotels in Myanmar, he said.

After the announcement of the Ministry of Hotels and Tourism for the establishment of hotel zone in Nay Pyi Taw, Yangon, Bagan and Inlay regions, those from abroad who want to make investment visited Myanmar to discuss their plans.

“At the present, Germany, Switzerland and the US can enter to invest in Myanmar’s hotel industries,” Hlaing Oo said.

Moreover, Japan, Thai and Malaysia businessmen are now planning to have the investment, he said.

At present, Singapore, Thai, Japan, Hong Kong, Malaysia, Britain and Vietnam have invested over US$1.4 billion in infrastructures development. Among them, Singapore is standing at the top.

The tourists from Thai, China, Japan, South Korea, and Malaysia as well as Germany and French are the most visiting in Myanmar, according to the Ministry of Hotels and Tourism Industries.

Over 1.6 million tourists visited Myanmar last year.

Source: Eleven Weekly Media