Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>ฺMyanmar>>Economy>>IFC invests in sustainable tourism in Myanmar
NEWS UPDATES Asean Affairs     October 27,  2016  





IFC invests in sustainable tourism in Myanmar

The International Finance Corporation (IFC), a member of the World Bank Group, is lending up to $13.5 million to United International Group Limited, a leading domestic hotel owner and operator in Myanmar, to expand United International’s hospitality business, the IFC said in a statement.

Tourism is a critical component of Myanmar’s economy: it contributed $3 billion to Myanmar’s GDP in 2014 and is predicted to grow 8.4 percent annually until 2025. By then, the sector will employ around two million people.

IFC’s convertible loan will help United International, which owns and operates the Amata resort chain, build new hotels in two of Myanmar’s biggest tourism destinations: Bagan, world-famous for its ancient pagodas, and Inle, home to the biodiversity-rich Inle Lake.

Amata’s expansion will help address the acute need for quality hospitality infrastructure outside the commercial capital Yangon, and by doing so, help stimulate tourism. International arrivals in Myanmar have jumped from 800,000 in 2011 to more than four million in 2015, but the supply of quality tourist accommodation has failed to keep pace.

“IFC is already a trusted partner in tourism and hotel-related ventures in Myanmar and around the region,” said Win Aung, Amata Hotel Group Chief Executive Officer. “We look forward to learning from IFC, tapping into its vast knowledge and expertise in the field, and elevating our business to a best-practice example in Myanmar’s growing tourism industry.”

The new 144-room hotel in Bagan and 130-room hotel in Inle will be developed in two phases. Both hotels will comply with IFC’s Excellence in Design for Greater Efficiencies Green Building Certification System, which will reduce energy, water, and material consumption by at least 20 percent compared with similar buildings. The Inle project will also be aligned with conservation objectives of the lake.

“Tourism, as a leading driver of economic growth and job creation, can play a major role in poverty reduction in Myanmar, particularly for women and young people. But, for this to happen, the sector must be developed in a sustainable manner,” said Philippe Le Houérou, IFC Executive Vice President and CEO. “We are committed to projects that adopt international best practices and promote sustainability in Myanmar's fast-growing tourism industry.” The investment in United International Group comes at the start of Le Houérou’s four-day visit to Myanmar, where he will hold discussions with senior leaders in both the government and the private sector, as well as with development partners. These meetings will focus on economic policy priorities to stimulate private-sector development for economic growth and job generation in Myanmar.

According to the statement, IFC, together with the World Bank, has supported reforms and investments in Myanmar to strengthen the private sector and create jobs to reduce poverty and boost shared prosperity. IFC primarily focuses on improving infrastructure and access to finance, and on job-creating sectors such as agribusiness and tourism. Today, IFC is the largest investor in the country’s private sector, with accumulated investments of $386 million, as of September 2016.



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below




Today's  Stories                          October  27, 2016
• Better fiscal control saves Indonesia's economy
• IFC invests in sustainable tourism in Myanmar Subcribe: Asean Affairs Global Magazine
• Brunei’s CPI down 0.2% in Sept
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Avid internet users fuel Indonesia e-commerce
• Travel package to attract more Middle East tourists
Asean Analysis                  September 30, 2016
• Asean Analysis  September 30, 2016
In Washington, Yasay Defends the Duterte Doctrine
Advertise Your Brand

Asean Stock Watch   October  25 , 2016

• Asean Stock Watch-October 25, 2016
The Biweekly Update
• The Biweekly Update  September 30, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com