Myanmar has priviatized 194 state- owned enterprises (SOE) as of March this year since the country started the move in 1995, the Weekly Eleven News reported Monday.

Of the enterprises auctioned to private entrepreneurs, 123 were previously owned by the Ministry of Information, according to the government-formed Privatization Commission.

Other privatized SOE include those previously owned by the Ministry of Industry, Ministry of Cooperative, Ministry of Commerce, Ministry of Forestry.

Myanamr has since January 1995 been implementing the privatization plan for its SOEs, including those nationalized in the 1960s, in a bid to systematically turn them into more effective enterprises.

The plan is carried out through auctioning, leasing or establishing joint ventures with local and foreign investors.

Myanmar has more than 55,000 factories, of which over 53,000 are private-run.

Source: Xinhua