First Biggest Privatized Industry

[OKKAR66129@xxxxxxx]

First Biggest Privatized Industry
Perspectives, The NLM, Tuesday, 1 September 1998

No.3 Mining Enterprise of the Ministry of Mines the other day entere into
contract with the National Industrial Holdings Limited to lease Ywama Steel
Mill to run it
for production of mild-steel round bars, sheets, iron and construction
materials.  It is
said to be the first biggest establishment privatized to a local company,
which is formed with really capable industrial and construction entrepreneurs.

Pursuing the policy that facilitates the smooth flow of technology and foreign
capital into the country, the current leadership is making appropriate reforms
in line
with the market-oriented economic system.  These tasks are being undertaken
for effective mobilization and utilization of financial resources, technology
transfer and boosting local production.

While necessary regulatory and supportive measures such as legislation and
promulgation of procedures, rules and regulations are being carried out to
promote
private sector economic activities, local entrepreneurs and industrialists are
being encouraged in accord with the economic objective which requires that the
initiative to shape the national economy must be kept in the hands of the
State and the national peoples.

Ample assurances are being given to local and foreign investors and their
commitments, the ownership and rights of their property are honoured in accord
with
existing laws.  Thus, private sector participation has increased promisingly
and markedly and its active participation especially in the areas of trade and
investment has been the main impetus to national economic development.

It is interesting that the establishment of joint-ventures enables officials
and workers to enjoy increased salaries and other benefits.  Obviously,
increased benefits should instil a greater sense of duty to work harder for
the benefit of their own joint-ventures
as well as for the nation.

While they are working hard for the benefit of the joint-ventures and for the
nation, the
management should also bear the interest of their subordinates in mind, so as
to be able to improve their living standard and let them enjoy more welfare
benefits as and when the situation permits.

Myanmar?s endowment in resources is enormous.  It has a very promising future
through concerted efforts of its workforce together with capital formation and
appropriate technology.

In the mining sector, too, there are many opportunities for the private sector
to systematically tap the resources and work for national economic
development.  In
addition to Ywama Steel Mill project, the Ministry of Mines is also working
with other companies in mineral resources exploration, production and
development projects.

We can therefore hope for, local industrial development as well as for
national economic and industrial progress.

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