Myanmar President U Thein Sein on Saturday called for the private sector development which is important for the economy.

Thein Sein made the appeal at the first meeting with private entrepreneurs and representatives of business organizations at Yangon regional parliament here aimed at paying attention to the economic challenges and difficulties faced by private sector.

The meeting gathered more than 400 participants including private entrepreneurs from different sectors, representatives from business groups and parliamentarians .

The private sector accounts for 90 percent of Myanmar economy, he disclosed.

The country is lack of investment, technology and human resources, he said, adding that the country is inviting more foreign investment.

He stressed that the government would set up Myanmar Business Forum which can perform as a bridge between government and private business organizations for the sake of economic development.