Myanmar seeks more foreign investment in hotel sector

August 21st, 2011 - 9:10 pm ICT by IANS  

Yangon, Aug 21 (IANS) Myanmar is seeking more foreign investments in the hotel sector to promote its tourism industry, the government said Sunday.

Over $655 million have been injected in 21 completed hotels with 3,905 rooms and $285 million in four ongoing projects with 1,385 rooms, the hotels and tourism ministry said.

Of the foreign-invested hotel projects, Singapore led with $593.531 million, followed by Thailand $202.5 million, Japan $68.75 mn, Hong Kong $77 million and Malaysia $5 million, Xinhua reported.

The hotels included Yangon’s Sedona Hotel, Strand Hotel, Traders Hotel and Park Royal Hotel, among others, as well as Mandalay’s Sedona Hotel, Mandalay Hill Resort Hotel, Mandalay Swan Hotel and Thiri Pyitsayar Sakura Hotel.

The ministry said there are over 700 hotels and inns and about 700 tourism companies operating with over 4,000 multi-language speaking tourist guides across the country.

The number of tourist arrivals in Myanmar reached over 140,000 in the first four months of 2011, compared to 109,000 in the corresponding period last year.

Visitors from China topped the list, followed by Germany, Spain, Norway, Thailand, Cambodia and India.

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