Myanmar is drafting a national energy policy which meets international standard and comprehensive suggestions from development partnership organizations and experts are being invited for the draft, official media reported Wednesday.

Myanmar Vice President U Nyan Tun told the National Energy Management Committee that socio-economic development of the country cannot achieve success as expected not because of the lack of reliable energy supply triggered by shortage of investment in power sector and inadequate infrastructure and human resources necessary to utilize sustainable energy resources but because of limitation on investment on renewable energy sector.

Development of new technology for electrical and electronic appliances and power-generating facilities requires sustainable investment, energy conservation measures and cost-effectiveness energy saving, he said.

The president stressed the need to take effective measures based on technology inspection report while ensuring energy sufficiency for a short period of time and electrification process.

He also emphasized the need to use effective laws and electricity purchase agreements meeting international norms in the private sector of electricity generating.

According to official statistics, power sector is leading in foreign investment with 19.237 billion U.S. dollars, accounting for about 45 percent of the total as of July 2013 since 1988 when the country started to open to such investment.