As Myanmar’s tourism sector has grown with the rapid influx of new tourists in recent years, the need for capital among locals who hope enter the sector has jumped sharply. To respond to this need, the Tourism Development Bank is slated to be opened to support hotels, tourism companies and local businesses, said Tin Tun Aung, co-general-secretary of the Myanmar Tourism Federation.
“This bank mainly caters to entrepreneurs in the tourism sector. The bank will provide them with the loans and technical aid they need,” he added.
The Tourism Development Bank will give out loans for local hotels and tour companies to expand their businesses, and it will provide technical aids to improve the sector. In addition to local hotels and tour companies, the bank will also support related businesses across the country.
The bank has already received permission from the government to begin its operations, which will begin by establishing a company, inviting investors, selling out shares, holding tourism expos, participating in international tourism expos and applying for permissions from various departments.
Tourism in Myanmar began increasing dramatically in 2011. In 2014, the number of tourists to visit Myanmar reached three million, and the revenue generated by the tourism sector exceeded US$1 billion.
Since tourism creates many job opportunities directly for the people, tourist attractions should be opened across the country, experts said.
Source: ELEVEN MYANMAR