The Myanmar government, headed by President U Thein Sein, has proposed a draft five-year national development plan (2011-12 to 2015-16) which will be submitted to the next parliament session due to start on July 4 for approval.

Two annual national plans for fiscal year 2011-12 and 2012-13 have been approved earlier by the parliament, in which some sectors of the ministries have been reduced and the budgets for some sectors increased.

In the draft five-year national development plan, the government projected a 7.7-percent annual average growth of gross domestic product (GDP) based on 2010-11 market prices, a decrease of the agricultural sector ratio in GDP from 36.4 percent to 29.2 percent, an increase of the industrial sector ratio in GDP from 26 percent to 32.1 percent and of the services sector ratio from 37.6 percent to 38.7 percent, respectively.

Despite a projected 1.7-fold per capita GDP increase in 2015-16, the government's aspired goal is a triple increase in growth which calls for doubling financial investment, President U Thein Sein, who is also chairman of the Planning Commission, said in his address in Nay Pyi Taw on the reform process Tuesday.

To realize the aspired triple growth, he stressed the need for increased domestic and foreign investment and obtaining of increased foreign grant aid and loan under limited state budget.

He called for stopping budget deficit, trimming down uneconomical and redundant enterprises and cut expenses, while shrinking the state-owned business sector and encouraging privatization.

He proposed to form a new privatization commission with the vice president at the helm for a change of methods in reassessing, reviewing and reforming the ministry-wise scope of operation and ownership ratio.

He also called for successful implementation of the national development goal and UN Millennium Development Goals through effective utilization of foreign grant aid which is to be managed by a central committee.

Dealing with job creation, he stressed the need for ensuring employees to fully enjoy basic pay they deserve, saying that a minimum wage law is being drawn and will be submitted to parliament.

He disclosed that parliament would soon pass the foreign investment law, adding that Myanmar's special economic zone bill has already been drafted and presented to parliament for approval.

To facilitate foreign investment inflow, the government is formulating the land utilization policy.

The president emphasized the development of the electric power sector, recounting that from 1988 to 2010-11, the government had spent 2.8 trillion Kyats ($3.37 billion) from the state fund and over 6.7 billion US dollars for four hydropower projects implemented with foreign loan, increasing the power generation from 2.2 billion kilowatt-hours (KWH) in 1988 to 9.7 billion KWH in 2011-12.

However, the increased production still cannot meet the demand due to the growing population and increase in power use, forcing the government to launch emergency power supply programs.

In dealing with the matter, the government is to work out an energy plan in line with its energy policy.

The first planning commission at the central level started to meet on Tuesday and discuss laying down of policies over the five- year development plan and reform strategy including tax reform.

The president also extended invitation to successful economists, experts and businessmen doing well overseas to return to the country and join hands with the government for national development.