Hotel and Tourism Sector Attracts 115 Local Investments: DICA

A total of 115 local investments worth over US$686 million (934 billion kyat) were made in the hotel and tourism sector as of the end of November this year, according to the Directorate of Investment and Companies Administration (DICA).

Local investors have made 774 investments worth nearly $2.5 billion in the production sector, 46 investments worth nearly $2.16 billion in the transportation sector, 67 investments worth nearly $1.2 billion in the real estate development sector and 68 investments worth over $491 million in the construction sector.

Local investment in the hotel and tourism sector invested by local investors stands fourth among sectors at 9.52 per cent.

Local investors need to fill in forms and submit them to the Myanmar Investment Commission (MIC) to qualify for a tax exception.

Myanmar is expecting an inflow of $9 billion from the tourism industry within a five-year period, according to the second short-term five-year plan for national development. The government has added the tourism sector as an investment priority as it has much potential for job creation and an inflow of foreign currency.

The MIC was founded on June 7, 2016 after the new government took office.

Moreover 71 foreign investments worth over US$3 billion were approved for the hotel and tourism sector as of November this year, according to the DICA.

Foreign investment in the hotel and tourism sector stands sixth among sectors at 4.01 per cent.

Foreign investors have made 154 investments worth over $22.41 billion in the oil and gas sector, 15 investments worth over $20.7 billion in the energy sector, 832 investments worth nearly $9.3 billion in the production sector, 54 investments worth nearly $8.8 billion in the transportation sector and 48 investments worth over $4.8 billion in the real-estate development sector as of the end of November.

According to the DICA, joint-ventured investments between foreign and local investors are also increased.

Although Myanmar is start practicing investment law on local and foreign investors, the investment proposals submitted by local and foreign investors are still implementing with old investment law till December this year, according to the DICA. The proposals will be submitted to the MIC in line with law.

 

Source: Eleven Myanmar

 

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