Myanmar sets nearly dozen factories to run with private sector

The Myanmar government has set 11 factories under the Ministry of Industry-1 to run with the private sector on the basis of joint venture as a form of privatization, the official newspaper New Light of Myanmar reported Wednesday.

These factories include textile, beer, cigarette, soft drink and ice, cosmetic, glass, paint, sewing and bicycle factories scattered in Yangon, Mandalay and Kyaukse respectively.

A briefing by the ministry will be followed next Monday in the new capital of Nay Pyi Taw with regard to the government-proposed joint venture plan, the paper said.

In its move to help develop the industrial sector, Myanmar has since 1995 been privatizing state-owned enterprises (SOE) systematically including industrial ones with the aim of transforming them into more effective and efficient ones.

The plan, which has been implemented by the government-formed Privatization Commission, is carried out by auctioning and leasing or establishing joint ventures with local and foreign investors. These enterprises include textile factories, saw mills, rice mills, oil mills, cinemas and hotels.

So far, a total of 194 SOE from 10 ministries, including 26 from the Ministry of Industry, have been privatized in Myanmar as of March this year since the country began implementation of the plan of privatization.

Source: Xinhua