The Myanmar Investment Commission (MIC) has so far granted permission to foreign-invested hotel and tourism projects worth $2 billion, according to the Ministry of Hotels and Tourism.
Myanmar’s hotel and tourism industry has seen phenomenal growth as the formerly-isolated nation eyes 3 million tourist arrivals this year.
A total of 39 hotels and related businesses have been allowed by the MIC, an official said.
The number of licensed rooms rose 22 percent since 2012 with another 10,000 expected to open this year.
Singapore is leading the foreign investment in the hotels and tourism industry with about $700 million going towards new projects.