Singapore-based SCCP Lakeside Company will invest in a three-star hotel project in Myanmar's Yangon, local media reported Saturday.
SCCP has been granted by Myanmar Investment Commission (MIC) for the establishment of the hotel project in Hlaing Township of Yangon in line with the Foreign Investment Law, on April 10, said the Daily Eleven.
The MIC also gave permission for a 14-story hotel project, which will run under the Myanmar Citizen Investment Law.
There is a total of 26 foreign-invested hotels across the country, including Yangon and Mandalay Region, the report said.
The Myanmar Hotels and Tourism Law was enacted in order to operate in tourism industry by private sector in 1993.
Since taking office by the civilian government in 2011, the number of tourist arrival in Myanmar remarkably reached 1.06 million in 2012 and 2.04 million in 2013.