The Myanmar Investment Commission has allowed 48 hotels – with a total of 7058 rooms – to open in Myanmar. Foreign investment in these hotels had reached K655 billion by the end of November, according to data from the Ministry of Hotels and Tourism.
In 2011, there were only 36 hotels and business complexes in Myanmar, which had received a collective US$1.1 billion in foreign investment. By September of this year, there were 47 hotels alone and foreign investment had reached $2.6 billion.
Foreign investment into Myanmar’s hotel sector started in 1990 with investments from Hong Kong. Since then, Singapore has invested $1.47 billion, followed by Vietnam with $440 million and Thailand with $343 million. The top three are followed by Hong Kong, Japan, Malaysia and the United Kingdom. (Courtesy of MMTimes)
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