ADB advises Myanmar to invest more in transportation
The Asian Development Bank (ADB) has stressed the need for Myanmar’s new government to invest more in transportation to develop its economy, according to the ADB’s latest report.
Hanoi (VNA) - The Asian Development Bank (ADB) has stressed the need for Myanmar’s new government to invest more in transportation to develop its economy, according to the ADB’s latest report released in the Myanmar capital of Yangon.
ADB 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 G🌺DP by 3 or 4 percent.
According to the report, inadequate investments pumped into Myanmar's transportation for years have left the sector unable to easily connect with market and freight service enterprises.
Myanmar is still lagging behind their neighbors in terms of roads, bridges and transportation routee, the report commented, saying that its basic infrastructure needs a lot of work.
Few investments in transportation have also delayed rural economic development and reduced job opportunities, the report added.
An ADB regional official said Myanmar needs to invest 60 million USD into its transportation sector between now and 2030 in order to follow the standard of transportation system in foreign countries.
Theꦫ Ministry of Transportation and Communication is among one of the 21 ministries set up b♈y the new President-elect U Htin Kyaw.-VNA
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Illustrative photo (Source:ADB)
