Myanmar to privatise many state-owned properties

YANGON - Myanmar is gearing up for a major privatisation process. It has announced the auction of many state-owned properties, including land and buildings, across the country.

The Privatization Commission has set 344 state-owned enterprises and buildings to be sold. These include factories related to textile, consumers goods, electronic and electrical goods, mills, land and buildings, cinemas and warehouses owned by 15 ministries and government departments, Xinhua reported.

These state enterprises are scattered across the country, mainly in Yangon, Mandalay, Ayeyawaddy and Bago regions, and Rakhine and Kayin states.

The auction specially covers a large number of government offices, buildings and lands, mainly covering downtown Yangon.

The government has said it would auction 90 percent of state-owned industries to the private sector during this year. The remaining 10 percent would be held back by the government.

Real estate traders has said the auction of the large number of state-owned buildings was unlikely to affect the existing real estate market.

Meanwhile, five privatised historical ministry buildings in Yangon will be renovated to their original state. The five buildings also include the erstwhile prime minister’s office.

In Myanmar, over 200 government buildings have been designated as century-old historical structures.

During 2010, 110 state-owned economic enterprises, 32 buildings, 246 fuel-filling stations, eight wharves along the Yangon port were sold under competitive bidding.

At least 20 football grounds, scattered in Yangon, Mandalay, Bago, Taunggyi, Pathein, Magway and Mawlamyine, are also being privatised and given to the Myanmar Football Federation (MFF).