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March 28, 2020

Investors plough K26 bln, $38.865 mln into hotels, guest house businesses in 2020

By Nyein Nyein

Investors have pumped in more than K26 billion and US$38.865 million into permitted hotels and guest houses this year, said Naw Pan Thinzar Myo, the Yangon Region Minister for Kayin Ethnic Affairs and the vice chairperson of the regional Tourism Committee.
She made the remarks at the Yangon Region Tourism Committee medical conference held on 21 February in Hall 4 of the regional government’s office.
The regional Tourism Committee held its first meeting (1/2020) on 18 February in the regional government’s office. At the meeting, the committee granted eight hotel licenses with 750 rooms, seven hotel construction permits, one guest house construction permit, and 117 travel service licenses (inbound and outbound).
The permitted hotel and guest house businesses pulled in $11.665 million in foreign investment and $5.5 million in joint venture investment, while local investment amounted to K26,128.5 million and $21.7 million. The businesses created 801 jobs, according to the Yangon Region Tourism Committee.
In 2019, the regional Tourism Committee held six meetings (between 1/2019 and 6/2019). During the meetings, the committee issued 42 hotel licenses and 14 guest house licenses with 2,639 rooms. In addition, the committee permitted the construction of 20 hotels and three guest houses.
The committee has issued 356 inbound and outbound travel service licenses, 121 outbound travel service licenses, and 218 tour guide licenses. The businesses have raked in investments of K152,030 million and $238.29 million so far and created 3,232 jobs, according to the committee.
Although hotels and tourism companies are directed by a Union-level ministry, authority has been delegated to regions and states after the enactment of the Tourism Law in December, 2018, said Naw Pan Thinzar Myo, the Minister for Karen Ethnic Affairs as well as the vice chairperson of
the regional Tourism Committee.
The Yangon Region Tourism Committee is chaired by Chief Minister U Phyo Min Thein. Karen Ethnic Affairs Minister Naw Pan Thinzar Myo acts as the vice chairperson of the committee. Officials from related departments, such as the ministries of Home Affairs, Religious and Cultural Affairs, Labour, Immigration and Population, and the Directorate of Hotels and Tourism, the Environmental Conservation Department, and the Yangon City Development Committee are also members of the committee.
The committee includes representatives from civil society organizations, in addition to experts from the industry. (Translated by Hay Mar)

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