YANGON?Myanmar could undergo a major economic upheaval following controversial elections last year, as local media reported the country plans to privatize the majority of state-owned industries.

Deputy minister of industry Khin Maung Kyaw was quoted in Biweekly Eleven journal as saying reform in Myanmar, which is about to form parliaments after its first poll in 20 years, was in line with "other democratic countries."

"While we transform as a democratic nation, we will privatize 90 percent of state-owned industrial businesses," he said in Thursday's edition of the magazine, which is not linked to the state.

The government will run just 10 percent of industries after the move, the report said without elaborating on which industries would be affected and whether the ratio is calculated on number of firms, or company revenues.

Myanmar's military junta launched a slew of privatizations last year, leading some to suggest the regime was looking to take profits before a new partially civilian government took power.

About 250 state-owned petrol stations, ports along the Yangon river and buildings, including cinemas and warehouses, were sold off to local tycoons.