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He said Myanmar will reduce its total domestic gas production with two objectives, in line with the UNFCC’s decision and the Paris Agreement, with a target of reducing the BAU from 105.24 million tonnes by 2030 if the country receives international support.

However, due to the abundance of renewable energy in Myanmar because of its abundant natural resources, the short-term/long-term projects with the help of foreign technology will ensure that there will be no shortage of natural gas and oil at home.

Regarding the natural gas project and the solar project, Union Minister U Maung Maung Ohn added that three oil and gas companies left Myanmar. The reason for leaving may be dissatisfaction with the current government and external pressure, mainly because natural gas production in their blocks is declining, and production will decline further in a few years, he said. He also said human right was just an excuse, and they left just because the contract was about to expire and the profit was about to decline. As only a tiny percentage of Myanmar’s oil and gas sector leaves, he said there is no big impact or loss on investment in the energy sector.

There is no significant impact and loss on investments due to this exit. According to the regulations, the Union Minister said, the oil blocks are being handed over to PTT (EPI) of Thailand and POSCO of Korea. He also added that the government would do its best with any company from any country that will benefit the country and the people, not just a Thai company.

 Regarding electricity, Union Minister U Maung Maung Ohn said about 60 million people exist in the country, and more than six million live in Yangon. He said that the power outage was caused due to the sharing of electricity with other cities and the destruction of infrastructures by PDFs. Arrangements are made to replenish them, and solar power plants, such as the Letpanhla project, which will produce 40-megawatt and the Nyaungbingyi project, which will produce 30-megawatt, are underway. More than half of the work is completed, he added.

He also said that 18 solar power projects are tendered. Myanmar is working on plans to provide electricity to the whole country by 2030. As such, nine per cent of electricity generation is managed by the solar energy system. It also aims to generate electricity from wind renewable energy sources and to achieve this goal, 13 solar projects with a capacity of 370 megawatts are implemented.

 In addition, three more projects to generate 390 megawatts of electricity are implemented. Special efforts are made to continue floating solar projects, rooftop solar projects, and small and medium hydropower projects where possible throughout Myanmar.

Hydropower projects which produce the country’s current electricity needs include 152 MW from Middle Paung Laung, 280 MW from Upper Ye Village, 111 MW from Thu Htay Hydropower, 51 MW from Upper Kengtung, and 6 MW from Napin, and the current projects are also pushed forward.

Regarding the questions of China Central Television (CCTV): “As international airlines will be allowed to enter Myanmar on 17 April, is it a sign that Myanmar will make tourism a key focus of economic development?” Union Minister U Maung Maung Ohn replied that the domestic tourism was launched as the first phase, and now the international tourism will start on 17 April 2022, under the COVID-19 entry requirements, adding that the COVID-19 disease has affected the global economy. Tourism has been one of the most affected sectors.

As the tourism industry is a smokeless industry and a source of foreign exchange for the country, and one that creates many job opportunities, especially for young people and women, he said. Since the COVID-19 infection is significantly under control, the Hotels and Tourism Ministry has worked with relevant ministries to welcome international tourists.

To prevent the disease infection through tourists, travellers must have a COVID-19 negative PCR test within 72 hours before arrival in Myanmar and a copy of health insurance purchased from Myanmar Insurance. He explained that the Ministry of Health, the Ministry of Hotels and Tourism and relevant ministries are scrutinizing and providing necessary services inside the airport.

There are 67 HSP Certified Quarantine Hotels in Yangon. The tourism sector plays an essential role in our country. I would also like to extend a warm invitation to neighbouring China. In consultation with the Consul-General in Mandalay, arrangements have been made to increase the number of visits, he said.

 Although our country is unstable in some places, it is fully secure in the main destinations and has been prepared for more than two years. The tourism industry is well equipped with full health facilities and new tourist destinations. He invited all countries, especially neighbouring China, to visit Myanmar.

In response to the question of the China Central Television (CCTV) on which businesses Myanmar would focus on to recover its economy in the future, apart from the tourism sector, Union Minister U Aung Naing Oo said Myanmar is drawing up and implementing an economic recovery plan to remedy its economy. To increase investments, we prioritize businesses related to the energy sector, such as oil production, refining, and fertilizer production. Secondly, he said that domestic and foreign investments would be invited to provide sufficient electricity in the country’s electricity sector. We are also working to attract investment in the production of construction materials needed for infrastructure in the country, he said. There is great potential for Chinese investment in the food production sector in agriculture and livestock, which are traditional industries.

 The invited sectors will focus on producing materials and service-related activities needed for the country’s economic recovery. China is the most major investor in Myanmar, which accounts for 27 per cent of all foreign investment, he said. He welcomed the Chinese investment in the investment sector, which will continue to work together to boost Myanmar’s economy.

Regarding the question of the China Central Television (CCTV) on how Myanmar’s Ministry of Commerce assesses the negative impact of the Central Bank’s announcement to exchange foreign currencies in various bank accounts must be exchanged for kyats at the official exchange rate, as importers say that their businesses have been hit according to Myanmar media reports, Union Minister U Aung Naing Oo said the announcement aimed to make the Myanmar kyat stable. One US dollar exchange rate was K1,350 when the State Administration Council took office. Recently, opposition groups have tried to destabilize the local economy and try various means to devalue the kyat. Last month, before the order, was issued, the Myanmar kyat depreciated to K2,100 per dollar. The depreciation of the kyat has further FROM PAGE-4 upset the local economy. The order issued by the Central Bank of Myanmar is to prevent the devaluation of the kyat. By doing so, there may be various effects in the recent months, but in the long run, it is a good plan for all, he said. Business people who are always exporting goods in Myanmar are welcome. Some welcome that the exchange rate is stable and the calculation is faster. There are also criticisms. However, our government has set up a Foreign Exchange Supervisory Committee to minimize the negative impact. It is constantly monitoring and making necessary adjustments to reduce the negative impact on foreign exchange and ensure the smooth running of the economy.

In reply to the question of the China Central Television (CCTV) on how the relevant authorities can improve security and whether the security situation will affect the next general election next year, as there are reports of shootings and arsons across the country, Union Minister U Maung Maung Ohn said that the government is tackling the security situation. He said the country’s stability and development are beginning to accelerate, with more than one year in office, whereas CRPH and NUG groups are stepping up their terror acts.

(TO BE CONTINUED)

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