Singapore tops foreign investment country in Myanmar 's hotel sector

Singapore tops foreign investment country in Myanmar 's hotel sector

Singapore has topped foreign investment country in Myanmar's hotel sector, followed by Thailand and Japan, the local Weekly Eleven News reported Monday.

Of the total foreign investment of 1.417 billion U.S.dollars in the hotel sector coming from 7 countries and region, Singapore led with 598 million dollars, followed by Thailand with 236 million dollars, Japan with 183 million dollars and China's Hong Kong with 77 million dollars.

In December 2012, companies from Vietnam signed a deal with Myanmar to invest 300 million dollars in hotels at Nay Phi Taw.

The massive build-operate-transfer deal was the first surge of investment into the hotel sector since the new foreign investment law was promulgated, the report said.

The United Kingdom injected in Myanmar's hotel sector with 3 million dollars.

Meanwhile, hotel insufficiency occurred in Yangon, Mandalay, Bagan and Inlay.

Myanmar could attract over one million world tourists to the country in the year, an increase of 200,000 compared with 2011, due to the significant changes in Myanmar last year.

xinhua