Myanmar has begun drafting a national energy policy to meet international standards, official media reported last week.
The new bill is being conducted in cooperation with development partnership organisations as well as experts in their field.
Vice President U Nyan Tun told the National Energy Management Committee that the country’s socio-economic development was not being held back by insufficient infrastructure and investment in the power sector, but by limitations on investment in the renewable energy sector.
He added that the development of new technology for electrical and electronic appliances and power-generating facilities would require sustainable investment, as well as energy conservation measures as well as cost-effective energy saving.
The Vice President also emphasised the need for effective laws and electricity purchase agreements, meeting international norms, in the private sector of electricity generating.
Myanmar’s power sector is the country’s leader industry in terms of foreign investment with $19.237 billion, or 45 percent, of the total as of July 2013, since 1988 when the country began opening up to foreign investment.