State owned factories to be privatized in four years

State owned factories are to be sold off in order to decentralise Myanmar’s economic sector, allowing for competition to begin again in Myanmar. The list of privatization is not announced yet, and so, we cannot say which factories will be privatised, an official from the Ministry of Planning and Finance.

Myanmar will try to effectuate industrial development through privatization beginning in the 2016-17 financial year to 2020-21 FY.

“State-owned factories in Myanmar will be privatized in four years,” said an official of the Ministry of Planning and Finance.

The industrial development plan includes extended manufacturing of value added products, ransformation of the state owned industries, formulation and implementation industrial policies, training and development of industry-related human resources, development of technology and improvement of standardisation, reduction of production costs through energy-efficient use and reduction of glass house gases.

The ministry plans to help development of small and medium enterprises for improvement of private sector, enforce rules in the development of industrial zones, for the state-owned factories to co-operate with the private-owned ones and to collect the data and statistics of the industries.

The government is making effort to import technology, added the official of the Ministry.

Source: 200

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