Wednesday, 19 March 2014

Myanmar plans to invite foreign investments for railway sector

YANGON—The Ministry of Rail Transportation is now planning to invite foreign investment to carry out major projects for the railways sector, according to the Ministry.

The plan, which represents a major shift for the railways sector during the incumbent government, will be implemented in the near future.

“We are going to implement a railway transportation system like those of neighbouring countries. That’s why we are planning to invite foreign investors. For example, if we construct a sky-train, we will need technical aid from abroad,” said an officer from the Railways ministry.

A master plan for the railways sector will involve not only renovation of the railways system in Yangon but also projects connected to the special economic zones. At present, renovations of Yangon’s circular train system are under way, and some regular train services will soon be handed over to the private sector.

Permission to run the Yangon-Mandalay railroad came through this month, according to the ministry of railways.

Moreover, the ministry has invited foreign investors to renovate Yangon Railway Station. Asian firms from countries including Japan and Singapore have submitted tender application forms to carry out the renovation tasks.

The competitive tender bidding system will be offered soon.

Myanmar has accepted Japanese aid to carry out renovation tasks for the railways sector, which has been facing reduced profits, and has agreed to accept loans from Japan.

source: Eleven Myanmar
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