Yangon - According to the Ministry of Hotels and Tourism, by the end of 2014, Singapore has invested over US$ 1.5 billion in a total of 20 projects in the hotel industry in Myanmar, more than any other country. The data from the Ministry of Hotels and Tourism also show that, in 2013, Singapore invested over US$ 880 million in 14 projects the same sector, topping other countries.
Meanwhile, in 2014, Vietnam ranked second with a total investment of US$ 440 million for one hotel project, followed by Thailand, which invested US$ 339 million in 10 projects. The year 2015 has started with Luxembourg investing more than US$ 5 million for a project.
From 2011 to 2014, nine countries have invested about US$ 2.5 billion in 46 projects in the hotel industry in Myanmar. Among these 46 projects, two of them have submitted applications for the MIC permit; 11 of them are under construction; and 33 of them are already operating.
Moreover, referring the surveys from World Travel and Tourism Council, the Ministry of Hotels and Tourism claims that by the end of 2014, the hotel sector has created 870,000 jobs, accounting for 6.5 percent of the total employment. Currently, there are a total of 1,000 hotels with 43,000 rooms in Myanmar.