Myanmar ripe for investments in services sector as economy grows

MYANMAR IS in need of more investments, especially in the service sector, as the economy is showing strong growth, Aung Kyan San, managing director of Crown Education, a business and consultancy firm based in Yangon, said last Friday.

“Foreign investors still have a lot of opportunity in Myanmar thanks to the growing economy, and this year there is a lot of scope for the service sector. There is more room for media and broadcasting, food and processing products, trading and service, and tourism business,” he said,

He said there is also huge demand for energy plants, but big projects like expansion of infrastructure may need time, as the government is not pushing too hard, except in special economic zones.

Speaking at a conference on “AEC Focus: Myanmar 360” last week, Aung Kyan pointed out that Myanmar has emerged as a new place for education business and the country now can attract many international schools and universities from overseas to open their campus in Myanmar.

Meanwhile, education service is booming as many in Myanmar want to study overseas.

The company last year sent 300-400 students overseas, mostly to Singapore, Thailand, Australia, Malaysia, the United States, and Europe.

According to Aung Kyan, medical and healthcare is also booming in Myanmar. The Bangkok-based Bumrungrad Hospital has just opened its clinic in Yangon to serve the high demand. International hotel chains like Shangri-la, Novotel, and Intercontinental already have set up base in Yangon or other major tourist destinations.

Visanu Jaroensilp, deputy governor for tourism products and service of the Tourism Authority of Thailand, said the agency planned to appoint a marketing representative in Yangon this year in order to boost the number of tourist arrivals from Myanmar and also to seek quality tourists particularly in the medical and education segments.

“Apart from general tourists, Myanmar has high potential for niche markets like medical and education segment,” he said. Last year, 259,678 Myanmar people travelled to Thailand, a 25.5-per-cent increase from 2014. Average spending per head per day by Myanmar tourists is Bt4,700 per day while the length of stay is eight days.

The top destinations for Myanmar tourists are Bangkok, Ayutthaya, Pattaya, and Chiang Mai. TAT expected to see an annual 10-per-cent increase in arrivals from Myanmar.

The government is promoting Thailand as a gateway to Southeast Asia through the Asean Connectivity project, which is part of intra-regional strategies and cross-border tourism development plans.

 

Source: The Nation

 

 

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