Singapore has become the top investor in Myanmar’s hotels and tourism sector, with a total investment of more than US$ 880 million (Ks 847.44 billion), according to the Myanmar Infrastructure Summit held on Tuesday (March 18).
“Nay Pyi Taw, Mandalay, Bagan and Inlay regions have seen a massive influx of tourists after Yangon,” said Hlaing Oo, Director of the Ministry of Hotels and Tourism. “Due to the enormous flow of tourists, foreign companies have begun making huge investments in the hotel sector, such as with five- and four-star hotels in Yangon. The top investor in this sector is Singapore.”
Singapore stands first with investment totaling US$ 880.46 million, followed by Vietnam with US$ 440 million, Thailand with US$ 235.75 million and Japan with US$ 183.10 million, Currently, 39 projects—14 from Singapore, 10 from Thailand, six from Japan, four from Hong Kong, two from Malaysia and one each from the UK, Vietnam and UAE are under way, with a total investment of US$ 1.91 billion, according to the source.
To develop Myanmar’s hotels and tourism, the country is in urgent need of more hotel rooms. The energy sector tops the list for Myanmar’s foreign investment, followed by oil and gas, manufacturing, mining, and hotels and tourism. A total of 51 foreign companies have made investments in Myanmar’s hotels and tourism sector, reaching a total investment of US$ 1.79 billion.
Source: ELEVEN Myanmar