YANGON, Feb. 10 (Xinhua) -- Myanmar is planning to form an ethnic entrepreneurs' association for private sector development in under-developed regions, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said on Saturday.

The association will also be formed to promote balanced urban and rural development as well as economic development through private sector.

U Aye Win, joint-secretary of UMFCCI, called for participation of all ethnic entrepreneurs from the regions and states to join the national association.

Founded in 1919, the UMFCCI is a non-governmental organization comprising 16 regional and state Chambers of Commerce and Industry.