Singapore to build world-class hotels in Myanmar

Published on Wednesday, 30 November -0001 06:24

Panoramic view over Bagan temples

Singaporean investors have shown an interest in building world-class hotels in Yangon, Mandalay, and Bagan, according to a governemnt statement.

A group of Singaporean investors led by George Yeo, vice-chairman of Wilmar Investment Holding Pte, met with Myanmar Investment Commission (MIC) Chairperson Soe Thein in Nay Pyi Taw last week to discuss the investing in the three popular destinations in Myanmar which have been struggling against hotel room shortages.

Dr Kan Zaw, minister of National Planning and Economic Development, said foreign investor can invest in hotels and high-rise buildings individually or as a joint venture with a local partner but these projects must meet the criteria set the respective state’s city developoment guideline.

The business delegation also discussed about constructing factories and refineries in the agricultural sector and the development of Thilawa deep seaport.

Singapore is Myanmar's sixth-largest investor with a cumulative investment of US$1.8 billion, according to MIC.

Statistics up to the end of November, 2012 shows that Singapore has invested US$1.3 billion in the hotels and tourism sector while it has invested US$1 billion in the real estate sector.