THE new Myanmar government should invest more in the transportation sector in order to develop the country’s economy, said a report released by the Asian Development Bank (ADB).
The report was officially released at the Asian Development Outlook 2016 ceremony, held at Yangon’s Park Royal Hotel.
“The GDP of the country has only risen by just over one per cent in the last few years. Investment should be made within the transportation sector to augment the GDP by three or four per cent,” said Peter Brimble, the deputy country director of the ADB in Myanmar.
The report said Myanmar needs to invest US$60 million into its transportation sector
between now and 2030 in order to be in a position whereby it can follow the standards of transportation systems in foreign countries.
Years of weak levels of investment into Myanmar’s transportation sector has left it unable to easily connect with markets and freight service enterprises, the report said.
“When comparing Myanmar’s roads, bridges and transportation routes with neighbouring countries, [Myanmar] is still lagging behind. The country’s basic infrastructure needs a lot of work,” said Winfried F Wicklein, ADB’s country director for Myanmar.
Foreign investment is making its way into various sectors within the country, but such investment within the transportation sector are still lagging, delaying rural economic development and job opportunities, according to the report.
The ADB provides financial assistance for technology with the sectors of human resource development, economic policy, capacity building and basic economic infrastructure.