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New development bank to lift tourism sector

Citizens from Thailand can now enter Burma on short trips without a visa, and vice versa. (PHOTO: Wikicommons).

The tourism industry will get a boost with the establishment of a tourism development bank, according to the Myanmar Tourism Bank.

The proposed development bank will provide loans, technological assistance and communications. The move comes as a result of a high influx of international tourists since Thein Sein’s administration took power in 2011. The tourism sector showed a profit of US$1 billion in 2014, a figure expected to double this year.

“We have submitted the license application for the bank,” Myanmar Tourism Bank Managing Director Thein Tin said. “It will get approved at the end of May. After that, we will begin working in June. The first bank will be located at Naypyidaw and then Mandalay and Rangoon.

“Actions needed to successfully start up the bank, such as forming a public company, investor recruitment, selling of shares, organising and participating in tourism-related events, have all been pre-approved by the government.”

This ambitious project is expected to contribute not only to the tourism industry, but also other related businesses.