John Polomny's  Instablog

John Polomny
Send Message
John Polomny is an individual investor and speculator seeking unique, overlooked, and well researched opportunities and speculations from all over the world.
My company:
My blog:
  • With Visitors Pouring In, Myanmar To Build New Airport 0 comments
    Jul 2, 2012 10:05 PM

    US News:

    Myanmar called upon local and foreign investors Monday to fund construction of a second airport to serve the country's largest city, Yangon, as it prepares for an influx of tourists in the wake of political reforms.

    Tin Naing Tun, the head of the Civil Aviation Department, said the planned Hanthawaddy International Airport will cover 9,000 acres (3,642 hectares), an area nine times the size of Yangon International Airport.


    Construction of a new airport there started in 1994 but stopped in 2003. However, 80 percent of the earth work has already been completed, he said. Bago used to host a small airstrip used by the Japanese armed forces during World War II.

    Tin Naing Tun said construction will start in June 2013 and is scheduled to be completed in 2016.

    This is great news but enthusiasm should be tempered as it will take decades for Myanmar's economy to catch up to its neighbors.

    Despite its huge economic potential in key industries like energy and agriculture, Myanmar's development will be a "generational process" and the country will take decades to catch up to other more successful Southeast Asian economies, said Steve Groff, a vice-president at the Asian Development Bank.

    "Even if we saw growth rates of 6-7% every year, it would take 30 years for Myanmar to get to where Thailand is," said Mr. Groff, who is responsible for the bank's operations in Southeast Asia, East Asia and the Pacific, in a phone interview.

    Six to seven percent growth every year for the next thirty years would make me a multi-millionaire. This is the opportunity. It happened in Japan, Korea, Malaysia, Thailand, Indonesia, etc..and it will happen in Mynamar.

Back To John Polomny's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.