Hotel, tourism industry faces obstacles
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Statistics from the Ministry of Hotels and Tourism have revealed that only local investors have been making investments in the hotel and tourism industry and no foreign investors had made any new investments in the industry since the new government took o
Although there have been reports of foreign investors visiting Myanmar to expand in the hotel and tourism industry, they are still in discussions with the government.
Among them, HAG & Land from Vietnam had been expected to invest US$300 million in the hotel industry, but they have not been able to make any actual agreements due to the delayed foreign investment law and other reasons, sources from the Directorate of Hotels and Tourism said.
Since the civilian government took office, local investors have made additional investments of US$4728 billion up to August 13 in the hotel and tourism industry.
The Nation reported that investments from Singapore were the highest in the hotel industry at about $597 million, followed by Thailand and Japan with $183 million, Hong Kong $77 million, Malaysia $20 million and Britain $3.4 million.
Myanmar plans to increase the hotel zones from the current 11 to 25, but it will take a long time to complete these projects without further investments from foreign investors.
The existing hotel zones in Myanmar are Yangon, Mandalay, Bagan, Taunggyi, Chaungtha, Rakhine, Mawlamyine, Golden Triangle, Bago, Ngwehsaung and Nay Pyi Taw.
A new hotel zone is now being established in Inlay region in the Shan State of northern Myanmar.
Inlay Lake is located in Shan State and at 2,915 feet above sea level, with a freshwater lake, it is also a major tourist destination. This has led to some development of tourist infrastructure.
