Published on : Tuesday, December 19, 2017
As per the latest reports published by the Directorate of Investment and Companies Administration or DICA, a total of 115 local investments, value of over US$686 million (934 billion kyat) has been made in the hotel and tourism sector at of the end of November 2017.
Around 774 investments have been made by the local investors worth nearly $2.5 billion related to the production sector, 46 investments worth of $2.16 billion in terms of the transportation sector, 67 investments worth closely $1.2 billion in the real estate development sector and 68 investments of over $491 million worth in the construction sector.
Local investment by local investors in the hotel and tourism sector made it stand fourth among sectors with 9.52 percent.
Local investors are required to fill in forms as well as submit them to the Myanmar Investment Commission (MIC) to meet the criteria for a tax exception.
Within a five-year period, Myanmar is anticipating of receiving a rush of $9 billion from the tourism industry, as per the second short-term five-year plan for national development. The government, of late has made the tourism sector an investment priority in terms of potential for generating jobs and an inflow of foreign currency.
The MIC established on June 7, 2016 after the new government took over the office.
Furthermore, 71 foreign investments of US$3 billion worth were allowed for the hotel and tourism sector as of November this year, according to the DICA.