Nov 2, 2015

Singapore tops hotel investor list

Singapore topped the list of investors in Myanmar’s hotel sector with total investment of US$1.53 billion, followed by Vietnam with US$0.44 billion, Thailand with US$0.34 billion and Hong Kong with US$0.15 billion, according to the Ministry of Hotels and Tourism.

Singapore is often used as a conduit for other nation’s investment.

In 2011, total foreign investment in 36 hotels and commercial building projects amounted to US$1.14 billion. Total foreign direct and joint-ventured investment in 47 hotel projects reached US$2.64 billion at the end of September.

A ministry official said: “Last year there were 46 projects. Now there are 47 as the ministry green-lighted one project this year. Thirty-three out of 47 projects have been completed, with more than 5,900 hotel rooms available.”

This year, the country is expected to receive 4.5 million tourists. Entrepreneurs are worrying that the political change may have an impact on tourism.

“The November 8 election will have no impact on the tourist sector. Ngwesaung, Loikaw and Kengtung are popular destinations. Many tourists may flow into the country from Thailand when Myanmar opens the Mae Hong Son border gate in Kayah State, which is being implemented under the national export strategy,” the spokesperson added.

Source: Eleven Weekly Media