YANGON—More than 20 companies from Thailand have begun discussions regarding possible cooperation in a joint venture with Myanmar’s hotel services.
The discussions occurred during a meeting between the Ministry of Hotels and Tourism and Thai business people held at the Park Royal Hotel in Yangon on Saturday (March 22).
During the meeting, about 100 Myanmar hoteliers, as well as departmental heads from the Ministry of Hotels and Tourism, studied investment data together with more than 600 business people from Thailand.
The Thailand companies are aiming to participate in hotel services together with Myanmar hoteliers as a joint venture.
“The Myanmar hotel and tourism industry is one of this country’s developing businesses, and most international firms are now eyeing to invest in our hotel services. At present, a Vietnamese firm is constructing a hotel worth more than US$ 400 million in Myanmar. So the Ministry of Hotels and Tourism has invited Thai entrepreneurs to invest in Myanmar hotel services,” said Deputy Hotels and Tourism Minister Tin Shwe.
In Myanmar’s hotel industry, eight international companies have already invested more than US$ 1.7 billion.
Among foreign investors, Singapore tops the list with more than US$ 800 million, while Thailand sits third with more than US$ 235 million.
As Myanmar’s tourism industry is now booming, the ministry is inviting foreigners to invest in the industry because Myanmar is facing hotel shortages. That is why European countries and the Southeast Asian region are now observing the Myanmar hotel and tourism industry.
Myanmar’s hotel and tourism industry stands in fifth position among sectors with the most foreign investment.
Source: ELEVEN Myanmar