The Union of Myanmar Travel Association (UMTA) will take initiative to urge the government to support the development of small and medium enterprises in the travel and tourism industry.
“The travel and tour sector is included in the SME Law released in 2015. We will ask the government for rights and benefits in line with the law,” Head of SME development of UMTA, U Phyo Zaw Wai, said.
While the travel and tour sector is included in the SME Law, no businesses have applied for the loan program from the travel and tourism industry as of yet, according to the Director of SME Development Department of the Ministry of Industry, Daw Yin Yin Khaing.
“We have not received any application for the loan program from the entrepreneurs of the travel and tourism industry. If they come, we will help them not only with loans, but also link them with international organisations, provide chances to attend workshops and seminars held by the Ministry of Industry as well as provide technical assistance,” she said.
Most businesses in Myanmar are considered small. It is difficult for them to receive loans because the small-sized businesses don’t have systematic statistics, financial statements or evidence of property.
Daw Yin Yin Khaing said local travel and tourism businesses are running not only in that industry, but as other business types as well, so that may detract from them receiving loans as travel and tourism businesses.
Currently, there are 2,000 registered travel and tours companies and the UMTA has 900 members companies.
The tourism sector has been developing yearly and is expecting 7 million tourists in this year, according to the Ministry of Hotels and Tourism.
Source: Myanmar Business Today
