Military MP called for privatization of unprofitable garment factories in Sagaing Region

A military MP has called for privatization of garment factories in Sagaing Region that have been making losses of over Ks30 billion under successive governments.

According to the report for 2017-2018 financial year, No. 3 Garment Factory (Sagaing), No.3 Garment Factory Branch (Sagaing), No.6 Garment Factory (Salingyi) and No.6 Garment Factory Branch (Monywa) under the No.3 Heavy Industries are making losses yearly.

“The losses those factories have made are worth Ks36,801.46 million. This is a tremendous loss. I here raised my question as to how the region government will do— hand over those factories to the private sector or privatize them,” said Military MP Major Soe Win Myint.

In the 2016-2017 FY, No.3 Garment Factory (Sagaing) spent Ks2,497.67 million and earned Ks480.88 million, making a loss of Ks2,016.786 million.  

No.3 Garment Factory Branch (Sagaing) spent Ks1,488.35 million and earned Ks982.12 million, making a loss of Ks506.32.786 million.

No.6 Garment Factory (Salingyi) spent Ks3,571.45 million and earned Ks612.89 million, making a loss of Ks2,958.56 million.

No.6 Garment Factory Branch (Monywa) spent Ks289.81 million and earned nothing, making a loss of Ks289.81 million.    

(Eleven Media Group: https://elevenmyanmar.com/news/military-mp-calls-for-privatization-of-unprofitable-garment-factories-in-sagaing )

​