71 projects worth $7.9B added to Myanmar Project Bank

A total of 71 new projects have been added to the Myanmar Project Bank since the start of the year, taking the list of projects to 129. The new projects include the US$900 million Yangon Elevated Expressway, $847 million No.1 Steel Mill in Myanmar in Myingyan, $660 million Sagaing international textile-based industrial cluster and the $524 million Bago-Kyaikhto highway.

The 71 projects have a combined value of $7.9 billion. The other projects include power infrastructure, solar and wind projects, roads and bridges, and recommissioning of state-owned factories. The Myanmar Project Bank was launched on February 26 with 58 projects. The loftiest project is the Yangon Central Station, which involves an investment of more than $2.1 billion. The project bank is an interactive web-based platform designed to highlight investment projects in line with the implementation of the Myanmar Sustainable Development Plan (MSDP) for 2018-2030.

The project bank represents “an online one-stop-shop, where all information on projects designed to implement the MSDP can be easily accessed with a single click”. It also establishes a reliable and transparent system which links major investment projects with appropriate sources if finance including Public-Private-Partnerships and provides more opportunities for the private sector to contribute to national development. All the projects are strategic in nature and align with MSDP.

Source: Myanmar Times

Myanmar govt’s plan to promote local tourism clashes with COVID-19 preventative measures

The government has launched a plan to boost local tourism as international tourists remain locked out of the country due to commercial flight restrictions, this has clashed with its efforts to control COVID-19. On July 30, several famous pagodas in Bagan banned travelers from visiting 17 famous pagodas due to “health concerns.”This was despite local having already booked their transport and accommodation. Meanwhile, famous beaches in Ayeryawady like Ngwe Saung and Chaung Tha remained off-limits to visitors during that weekend, with travelers being advised that COVID-19 inspections were yet to be complete in the area.

The decision to reopen famous tourist destinations as part of the government’s tourism recovery plan will be made by the Central COVID-19 Committee. While precautions are necessary in managing the pandemic domestically, tourism businesses say they are unable to resume operations even though the government has pledged support for the sector. The majority of local agencies have suspended their operations while just a few are providing booking services for air ticket and hotel rooms. Many tour operators expect the Myanmar tourism industry to bounce back only next year.

The majority of locals are expected to travel mainly for religious reasons and during long weekends for relaxation purposes, local travel and tourism firms. Meanwhile, the Ministry of Hotel and Tourism will start conducting a survey on domestic travelers in an effort to support and improve the sector. The online survey includes 18 questionnaires related to the spending power, duration of travel and lodging preferences of local travelers.

Source: Myanmar Times