Singapore Investing in Myanmar
People are always in need of taking a break from their day jobs and spend thousands on holidays abroad for some rest and relaxation. Holiday makers also have a greater range of choice with flights these days as companies like EasyJet and RyanAir have raided the market driving prices down for everyone. Investing in new hotels is always an appealing proposition to would-be investors therefore. And now the government in Singapore has revealed that a group of Singaporean investors have the intention to build a range of first-class hotels in Yangon, Mandalay, and Bagan.
George Yeo, vice-chairman of Wilmar Investment Holding Pte, is heading this group of investors and has held discussions with Soe Thein (Myanmar Investment Commission) about their goals. The hot topic was concerning their desire to invest in the three areas in Myanmar which are unable to meet demand for hotel rooms from people coming in from overseas. When there is so much demand for a place to stay it seems inevitable that someone will stump up the cash with prospect of even bigger returns.
Dr Kan Zaw who is minister of National Planning and Economic Development and knows all there is to know about planning regulations in the country has stressed that foreign investors are welcome to spend big in building these new hotels, either as individuals or with business partners. However, any plans that will be drawn up must meet the guidelines set forth by the respective state's city development department.
The business delegation also had some tentative words about the potential of a number of factories and refineries which would be a great boost to the agricultural sector. Singapore is investing heavily into Myanmar and has been rated as the sixth-largest investor in the region. Currently the total spend stands at US$1.8 billion, according to MIC.