Mandalay Region expects per capita GDP to rise

Mandalay Region’s per capita GDP, which has been steadily rising in recent years, is expected to continue doing so with a combined K841.6 billion in investment flows entering the region in the current fiscal year through June.

Myanmar changed its fiscal year from April 1 to October 1 starting from the current fiscal year, which ends on September 30, 2019.

Regional Minister for Natural Resources and Environmental Conservation U Myo Thit said foreigners from seven countries invested US$445 million (K669.59 billion) in the region through June while local investments totalled K172 billion.

He noted that GDP per capita has increased over the years, with the regional government expecting per capita GDP to hit K1.7 million in the current fiscal year. Per capita GDP has been increasing under the current National League for Democracy (NLD)-led regional government, which took power from fiscal 2015-16 when per capita GDP increased to K1.2 million. Per capita GDP increased to K1.4 million in fiscal 2016-17 and K1.5 million in fiscal 2017-18.

U Myo Thit said the regional government has implemented measures to ensure that Mandalay, the region’s largest city, continues to be a safe and secure environment for economic development.

He added that the region has five government-led projects and another five being jointly implemented by the regional government and the private sector.

Meanwhile, U Myo Thit said project implementation governance has been strengthened by inspections from third parties that ensures not just quality but also keeps an eye out for corrupt practices. Such inspections have been carried out under directive 1/2017 from the President’s Office.

The regional government has ambitious plans to provide electricity to the entire region by 2021. Only 38pc of the region had access to electricity in fiscal 2015-16 and this has improved to 74pc in the current fiscal year.

In addition, some 748 km of roads have been constructed in rural areas in fiscal 2017-18 while another 3,023 metres of bridges were built at a cost of K25.6 billion

Source: Myanmar Times

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