24 Feb Korean company plans for Myanmar cable car

Written by Mizzima Published in Investment Read 2414 times
The Kyaiktiyo Pagoda or Golden Rock in Mon State on November 7, 2014. Photo: Hong Sar/Mizzima
The Kyaiktiyo Pagoda or Golden Rock in Mon State on November 7, 2014. Photo: Hong Sar/Mizzima

A Korean company is aiming to build and operate the first cable car in Mount Kyaiktiyo in Mon State next year, according to The Korea Herald on February 23.

Sky Asia CEO Yoo Sun-ha said in a recent interview with the newspaper that the cable car will give easier access to Kyaiktiyo Pagoda, better known as the Golden Rock, located at the summit of the 1,100-metre-high mountain.

Currently, visitors can reach one of Myanmar’s most famous Buddhist pilgrimage sites by traveling in pickup trucks or hiking for four to five hours.

Sky Asia, a joint venture between Seoul-based Sky International and Asia International Fisheries in Myanmar, has pushed for the 22 billion won [K20 billion] cable car project in the country since it won the 50-year build-operate-transfer contract from the Myanmar Investment Commission in December.

Sky International, established by Mr Yoo in Seoul to focus on development projects in Myanmar, holds an 80 percent stake in the joint venture firm.

Mr Yoo told the newspaper that the cable car construction is not a mega-investment project, but it is a landmark deal for Korea, considering the difficulties in getting approval from the Myanmar authorities.