Profitable state factories to be leased out to entrepreneurs

EMG reporter

After reviewing 115-state owned factories for their potential profitability if managed by private companies, Industry Ministry found 54 that had potential.

Some of them will be handed over to business, said Khin Maung Cho, Union Minister for Industry.

“The ministry will cooperate with private entrepreneurs. The ministry will deal with policies. Private entrepreneurs are to implement it.”

The ministry has suspended 28 money-losing factories, including Myingyan steel factory.  Some 24 factories are in urgent need of updating.

Upon completion, the Myingyan steel factory will be leased under a build-operate-transfer

system or under a profit-sharing agreement. The ministry is in discussions with Global Steel Co Ltd

of India and Posco Steel Co Ltd of South Korea.

Translated by Myo Than