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ADB stresses need for Myanmar new gov't to invest more in transportation

Xinhua, April 2, 2016 Adjust font size:

The Asian Development Bank (ADB) has stressed the need for the Myanmar new government to invest more in transportation sector in order to develop the country's economy.

The ADB, in its latest report on Myanmar released in Yangon, said the gross domestic product (GDP) of the country has only risen by just over 1 percent in the last few years and investment should be made within the transportation sector to augment the GDP by 3 or 4 percent.

An ADB resident official said Myanmar needs to invest 60 million U.S. dollars into its transportation sector between now and 2030 in order to follow the standard of transportation system in foreign countries.

The ADB report pointed out that years of weak level of investment into Myanmar's transportation sector has left it unable to easily connect with market and freight service enterprises.

When comparing Myanmar's roads, bridges and transportation routes with neighbors, the country is still lagging behind, the report commented, saying that the country's basic infrastructure needs a lot of work.

Foreign investment within transportation sector is still lagging, thus delaying rural economic development and job opportunities, the report added.

According to official statistics, foreign investment in Myanmar's transport and communication sector amounted to 3.424 billion U.S. dollars as of the end of September 2015 since late 1988, accounting for 5.96 percent of the total.

The Ministry of Transportation and Communication is among one of the 21 ministries set up by the new government which took office days ago. Enditem