Malaysia offers 1 billion ringgit in tourism investment
Recognizing the industry’s contribution towards the country’s Gross National Product ( GNP) and as the country’s second biggest foreign exchange earner, Malaysia’s Ministry of Tourism has offered a total of RM1 billion for entrepreneurs to build more budget hotels in the country.
“They can make use of the funds under the Tourism Development Fund and Tourism Infrastructure Special Fund to build more budget hotels,” said Zahid Hamidi, deputy tourism minister.
“We will help the association to identify more locations nationwide for more such hotels to be built.
“Domestic tourists, unlike the big-spending foreign tourists from the Middle East, have limited purchasing power,” added Zahid.
The Ministry plans to double the number of budget hotels in the next five years. Following the new official ruling of a five-day work week for the country’s 800,000 strong civil service, the ministry expects a surge in demand for budget accommodation.
Figures from the Ministry shows there are currently 165 budget hotels located throughout the country.
(1 Malaysian ringgit=US$0.26
By Y. Sulaiman
KUALA LUMPUR, Malaysia (eTurboNews)
July 19, 2005
Posted in: Malaysia