Foreign direct investment (FDI) reached US$3 billion in the hotel and tourism sector as of August this fiscal year, according to the Ministry of Hotels and Tourism.
There are currently 71 hotel projects in Myanmar, both FDI and joint ventures. The hotel and tourism sector is ranked sixth in FDI with 4.06 per cent, according to the Directorate of Investment and Company Administration (DICA).
The Myanmar Investment Commission (MIC) has permitted FDI of over $22.41 billion in 154 projects in the oil and gas sector, over US$20.71 billion in 14 projects in the electric power sector, over US$8.94 billion in 801 projects in the manufacturing sector, over US$8.57 billion in 52 projects in the transportation sector and over US$4.64 billion in 47 real estate projects in the construction sector. The MIC has started to enforce the Myanmar Investment Law for facilitation of local and foreign investors. Among the foreign investors, Singapore-based companies are most numerous, with Chinese companies in second place. Hong Kong occupies third place followed by Thailand and Japan, according to the MIC.