Myanmar hotels and tourism sector attracted K 180 billion investment in the half month of 2019 – 2020 fiscal year

Hotels and Tourism sector has attracted domestic investments of over K180 billion in the half of the current financial year 2019-2020, according to the Central Statistical Organization.
The domestic investments in Myanmar’s hotels and tourism sector stood at K202.37 billion in the 2014-2015FY, K434.67 billion in the 2015-2016FY, K132.9 billion in the 2016-2017FY, K341.6 billion in the 2017-2018FY, K129.5 billion in the 2018 mini-budget period (Apr-Sep) and K173.23 billion in the 2018-2019FY, totalling over K1,414 billion. The tourism sector is the worst affected of all major economic sector due to the outbreak of the pandemic. To contain the spread of coronavirus, Myanmar has currently extended precaution restriction period for the international flights up to June-end. The tourism sector completely stopped and all the stakeholders in the hotels and tourism industry are experiencing financial hardships and unemployment.
The committee to remedy the economic impacts caused by the coronavirus has been granting the loan to the business stricken by the pandemic from the Coronavirus Fund, with K50 billion allocated from the country’s revolving fund and another K50 billion from the social welfare fund. The hotels and tourism sector is listed on the priority sectors for the Fund of K100 billion, along with CMP garment business, and small and medium enterprises (SMEs). A total of 1,016 enterprises have been granted K37.55 billion from the Fund between 9 April and 2 June, according to the committee. The Ministry of Hotels and Tourism released a statement that 376 hotels and tourism enterprises have been approved for the coronavirus loan. At present, the hotels, motels, guesthouses and restaurants can return to new normal, in line with the health guidelines issued by the Ministry of Health and Sports. When the pagodas and museums are reopened, the inbound tours will gradually run.
The Ministry of Hotels and Tourism has also drawn up the Tourism Relief Plan. Also, it recently held a videoconference with JICA and ASEAN Tourism Crisis Communication Team, concerning the effects of pandemic and Tourism Master Plan.
Myanmar’s tourist entry had dropped by 45 per cent between January and April 2020 compared to the corresponding period of 2019, the UN World Tourism Organization estimated.
Earlier, the hotels and tourism sector was regulated by the Union government. With the implementation of the Myanmar Tourism Law 2018, the sector has been decentralized and it has more power according to the region and state governments.
The regional tourism committee has issued licences to hotels and guesthouses, and construction permits. The committee has also issued licences to inbound tours, outbound tours, and tour guides.—Ko Htet (Translated by Ei Myat Mon)

(The Global New Light of Myanmar: https://www.globalnewlightofmyanmar.com/hotels-tourism-sector-attacks-k180-bln-investment-in-h1-2019-2020fy/ )

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