Heavy industries losing money


Yangon City Development Committee’s cement factory. Photo: Mizzima

The Ministry of Industry will go on manufacturing despite the fact that the Ministry's heavy industries are losing money, the Permanent Secretary said at a press conference on 19 May.

“When there are fewer profitable industries, trade loss increases,” said U Thwin Myint Maung, Director General and Permanent Secretary of the Ministry.

“Factories are manufacturing and earning income as well, but income doesn't offset the huge amount of salaries and pensions,” he said.

The Ministry lost Ks 55 billion in the 2013-14 budget year mainly because there are more than 30,000 government employees he added.

“When employees retire, we have to pay them pensions because our Ministry is a business. We have to pay the retirees, the Pension Directorate doesn't pay,” said U Thwin Myint Maung at a press conference.

The Ministry has reduced employees over five years under the new Government through pensions and compensation, he continued.

There were 30,000 employees after the Ministry was reformed and the number of directorates reduced, but the Ministry still pays Ks 19 billion to 39,000 pensioners each year, he added.

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