Myanmar entrepreneurs oppose foreign investment in tourism

Myanmar entrepreneurs have voiced opposition to allowing foreign investment in joint ventures with local tourism operators, the ruling-party-run Union Daily reported Tuesday.

A recent meeting of the National Tourism Business Association raised objection to the January order of the Myanmar Investment Commission which allows foreign investment in the sector.

The attendees demanded submission to the parliament of the issue.

The association was founded on March 16, 2013 with more than 500 tourism companies out of 1,060 in the country.

The new foreign investment law took effect in November 2012 triggering massiveinvestment in the hotel sector.

Myanmar could attract over one million overseas tourists in 2012, an increase of 200,000 from 2011, due to significant changes in Myanmar.

Of the total foreign investment of 1.417 billion U.S. dollars in the hotel sector, Singapore led with 598 million dollars, followed by Thailand with 236 million dollars, Japan with 183 million dollars and China's Hong Kong with 77 million dollars.