MYANMAR’s hotel and tourism industry is likely to receive more foreign direct investment next year as many foreign companies eye the sector due to what is believed to be its bright future, according to the estimation of experts.
According to the Ministry of Hotels and Tourism, over US$2.9 billion in 52 investment projects including FDI and joint-venture investment have been allowed in the hotels and tourism sector.
Among non-citizen investors, Singapore, Thailand and Viet Nam have topped the tourism investor list of Myanmar, followed by Hong Kong, Luxemburg, Japan, Malaysia, UK and UAE.
The ministry expects that international tourist arrivals are likely to reach more than 7 million over the next three years. The country hosted over 4.5 million foreign travelers last year, an increase of 52 per cent compared with 2014. The ministry estimates that the number will increase to 5.5 million this FY.
Myanmar will top the list of tourism development countries, according to the World Travel and Tourism Council’s estimation about future prospects and sustainable development of 180 countries during the period between 2015 and 2025, based on tourism contribution to the GDP ratio, development rate, employment opportunities, investments and exports.
Transportation plays an essential part in tourism development, which requires a focus on infrastructural development and better services, an expert said.—Khine Khant