YANGON, 23 September 2016: Singapore has invested USD1,600 million Myanmar’s tourism and hospitality up until the end of August.
Global New Light of Myanmar quoted Ministry of Hotels and Tourism data that confirmed out of the top 10 investor countries, Singapore made the largest hotel and tourism investment with USD1,624.1944 million outpacing Thailand for the first time.
Singapore invested in 22 projects, followed by Thailand with an investment of USD445.630 million in 11 projects and Vietnam with USD440 million in one project, it said.
Japan invested USD73.665 million in four projects and Malaysia USD23.136 million in three projects.
In addition, the UK invested USD14.5 million in three projects, Luxembourg USD5.2 million in one project and the United Arab Emirates invested USD4.5 million, the report added.
Investments in the hotel and tourism sector by the 10 countries totaled USD2,918.52 million with 52 projects, according to the ministry.
Last year, foreign direct investment (FDI) amounted to USD2,678.38 million for 48 projects. There are now a total of 1,371 hotels with 53,716 rooms across the country.
The ministry erased some restrictions on issuing licenses to investors in order to accelerate expansion to provide better services for both local and foreign visitors.
Myanmar’s tourism is expected to earn over USD9 billion in the coming five years, according to the Second Five-Year National Development Plan.
The country welcomed 4.6 million foreign visitors, last year, an increase of 52% compared with 2014. Spending by tourists rose by 19% to USD2.1 billion last year.
The ministry estimates tourist arrivals will reach 5.5 million this year and are likely to reach 7.5 million by 2019.