"The timing couldn't be more perfect to invest in Myanmar as it opens up to the world. We have fantastic tourism destinations that need to be served with world-class hotels and resorts, unique travel experiences, and better infrastructure," said Myanmar Union Minister of Hotels and Tourism U Ohn Maung while attending the ASEAN Tourism Forum 2017 in Singapore.
Myanmar is calling for more responsible and sustainable investment and at the same time promoting its best-kept beach destinations.
"The timing couldn't be more perfect to invest in Myanmar as it opens up to the world. We have fantastic tourism destinations that need to be served with world-class hotels and resorts, unique travel experiences, and better infrastructure," said Myanmar Union Minister of Hotels and Tourism U Ohn Maung while attending the ASEAN Tourism Forum 2017 in Singapore.
On the back of new investment regulations set to take effect this year, the Government of Myanmar is promising to make ways for privileged and preferential treatment of investors in the tourism sector.
Just last month, the Myanmar Union Parliament approved a proposal for the country to participate in the establishment of a tourism coordination office in the Greater Mekong.
According to figures from the Myanmar Ministry of Hotels and Tourism, foreign direct investment in Myanmar's hotel and tourism projects has reached almost USD 3 billion in 2016. Singapore (USD 1.6 billion) is on the top of the list as the biggest investor, followed by Thailand ( USD 445 million ) and Vietnam ( USD 440 million ).
As of November 2016, FDI in the tourism sector had generated 56 projects, compared with 48 projects in 2015 that totalled USD 2.6 billion.
During the ATF, an annual regional event aimed at promoting ASEAN as one tourist destination and to boost intra-ASEAN travel, Myanmar also made a bid for more tourists to come explore its less-travelled beach destinations, such as Ngapali, as well as Myeik and Dawei in the Mergui Archipelago.
"We invite travellers, from all around the world and especially our close neighbours here in Southeast Asia , to unravel the magic and mystery of Myanmar , experience our traditions and festivals, and the heartfelt hospitality of our people," said Minister U Ohn Maung.
According to data from Myanmar Tourism Marketing, Asia remains the largest source market for Myanmar, representing well more than 65 per cent of incoming visitors in 2016. Neighbouring Thailand tops the list with 17.25 per cent of visitors, while other ASEAN members Singapore (4.21 percent) and Malaysia (3.51 percent) also rank relatively high.
A part of the Myanmar Tourism Federation, MTM aims to promote Myanmar as a sustainable tourism destination that's safe and readily accessible any time of the year.