Foreign investment in hotel and tourism reaches US $2.7billion

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Myanmar has received foreign investment of more than US $2.687billion in 67 businesses in the hotel and tourism sector as of January 2017, the Directorate of Investment and Company Administration (DICA) reported.

The hotel and tourism sector is the 7th industry most invested in, accounting for 3.87 percent.

As of January 2017, foreign investment volume has reached $22.4 billion from 154 projects in the oil and gas industry, $20.3 billion from 12 projects in the energy sector, $7.6billion from 711 projects in the manufacturing sector, $8.12 billion from 44 projects in the transport sector, and $3.8 billon from 39 projects in the real estate development industry.

In addition to foreign investments in the hotel and tourism sector, there has been an increase in the number of joint venture businesses, according to  DICA statistics.

The local investors have to fill out proposal forms, and they must submit them to DICA for approval and to get exemptions.

Myanmar investment law applies to national and foreign investors. The investment proposals must be submitted to DICA in accordance with the investment law.

 

Source: Eleven Myanmar
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