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 GDP 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.
The Ministry of Transportation and Communication is among one of the 21 ministries set up by the new President-elect U Htin Kyaw.-VNA
The Asian Development Bank (ADB) has approved loans totaling 600 million USD to support the Philippine government’ efforts to tap more private participation for needed infrastructure investments.
The Asian Development Bank (ADB) will fund 1.5 billion USD to buld a rail line that will connect Cox's Bazaar, Bangladesh's southeastern beach resort, to neighbouring Myanmar.
The Asian Development Bank (ADB)’s Trade Finance Programme will provide the HDBank and the SHB with guarantee of up to 100 million USD a year to support trade activities in Vietnam .
The Vietnamese economy will remain stable in 2016 with a growth rate of 6.7 percent, followed by a modest slowing of growth to 6.5 percent in 2017, according to the Asian Development Bank (ADB).
Asia’s economy is forecast to grow 5.7 percent in 2016 and 2017, below the 5.9 percent projected in 2015 due to slow growth prospect for China and a weak recovery in major industrial economies.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative photo (Source:ADB)
