November 25, 2017
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$500 million tourism deal announced

Wondrous sites such as the ancient Buddhist kingdom of Bagan are sure to lure international visitors to Myanmar in the coming years.

The Asian Development Bank (ADB) announced at the WEF on Wednesday that it had agreed a Myanmar tourism plan valued at nearly half a billion dollars that will help increase Myanmar’s tourism competitiveness, protect environmentally important areas, and safeguard ethnic communities.

In a statement, ADB said the plan was agreed in coordination with the Myanmar and Norwegian governments, and would involve 38 specific development projects.

“This master plan outlines a path to welcoming more visitors to Myanmar without threatening our unique cultural heritage or endangering pristine environments,” said Htay Aung, Myanmar’s Minister for Hotels and Tourism.

If Myanmar continues implementing economic, political, and social reforms, international visitor arrivals are forecast to rise as high as 7.5 million in 2020—a seven-fold increase from current numbers—with corresponding tourism receipts worth $10.1 billion, said ADB, adding that the tourism industry could provide up to 1.4 million jobs by 2020.

“Tourism will be a pillar of Myanmar’s economy, and it has the potential to create meaningful job opportunities for the country’s people, including those living in poor communities,” said ADB Vice-President Stephen Groff. “This plan is a long-term vision, and a solid start to ensuring tourism contributes to equitable social and economic development in Myanmar.”

For more news from the World Economic Forum, click HERE

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  3. Japanese premier to visit Myanmar on Friday

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