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Local entrepreneurs invest in hotels and tourism sector
Local entrepreneurs have invested over US$ 7 billion in Myanmar’s hotels and tourism sector, according to the Directorate of Investment and Companies Administration.
The total investment volume of local entrepreneurs in hotel and tourism sector was over US$ 175 billion as of June 10 this year and the current volume has reached over US$ 183 billion on July 1. So far, over US$7 billion has been invested in Myanmar within 20 days.
Myanmar Investment Commission (MIC) has granted permission to Sanda Hotel to establish a hotel complex on nine acres of land in the historic Bagan area according to a meeting held by the Myanmar Investment Commission on June 29.
There are 794 licensed inns, motels and hotels across the country. Among them, 22 hotels are being operated with foreign investment, four are joint venture with international companies, six are state-owned and 762 are owned by private companies, according to Hotel and Tourism Department statistics from February 2013.
The MIC has allowed Ayeyarwaddy Resorts and Lodges company to construct commercial buildings including an international hotel in Kamayut Township in March of this year and Grand Park Hotel Company for operating hotel services in Mandalay region.