YANGON -- Myanmar is planning to set up a satellite system of its own and to form a steering committee for the purpose, the official Global New Light of Myanmar reported Saturday.

The steering committee, led by Vice President U Myint Swe, will be designated to set up a Myanmar Space Agency, if required, and work out guidelines for coordinating with the International Telecommunications Union (ITU) and other international organizations.

The budget for implementing the system will be set in the 2018-2019 fiscal year.

The satellites usage increased in Myanmar as banking, oil and gas, mining and education sectors need to rent satellites separately.

As satellite communication is a system that can be used inland, on water, and on islands, it can be used to provide communications service to islands and villages in Myanmar.