A total of 65 foreign investment projects have been permitted to invest US$2,541.091million in the hotel and tourism sector in a three-month period, according to the statistics of the Directorate of Investment and Company Administration (DICA).
These 65 foreign investment projects were granted permission between the end of August and the end of October, with foreign direct investments (FDI) totalling US$2,481.395million. These foreign firms increased their FDI by the end of September, reaching US$2,541.091million.
The hotel and tourism sector is ranked 7th on the list of most heavily invested sectors, representing 3.79 per cent of the total FDI. As of 31st October, 2016, the oil and gas sector topped the list with a total of 154 projects, with FDI of US$22,410.368million. The power sector followed closely behind with 12 projects and an FDI of US$20,290314million, followed by the manufacturing sector in third place with 681 projects and FDI of US$7,311.140million, then the transport and communication sector with 41 projects and FDI of US$6,710.229million.
The real estate sector stands at fifth with 37 projects and FDI of 3,111.451million, while the mining sector overtook the hotel and tourism sector with 71 projects and an FDI of US$2,897.606million. In addition, FDI is also seen in: livestock and fisheries, agriculture, industrial estate and construction sectors.
Myanmar’s hotel and tourism sector has improved with the increasing FDI as well as joint venture investments, according to DICA. This sector is expected to earn over US$9 billion in the upcoming five years, according to Second Five-Year National Development Plan.