Myanmar's Union Parliament on Monday approved the formation of a new Ministry of Investment and Foreign Economic Relations proposed by President U Win Myint, parliament sources said.

The establishment of the new ministry aims at boosting local and international investment and making the investment socially and environmentally responsible.

The move also facilitates domestic and foreign entrepreneurs to rapidly obtain investment-related information and data.

There has been 21 ministries as the incumbent government took office in April 2016.