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YANGON, Nov. 8 -- The Myanmar government will introduce the permanent residence system for foreigners for the first time in history soon to attract and facilitate them to work, invest and live in the country, official sources said on Saturday.

By-laws are being enacted for the system and measures are being taken properly as soon as possible, Vice President U Nyan Tun told the related management committee chaired by him.

"The system is the one that will strengthen the favorable conditions of Myanmar at right time and it will enable scholars, experts, intellectuals and investors from other countries as well as former Myanmar citizens to contribute to the national development," U Nyan Tun said.

Measures are also being taken for protection of national security and interest and small and medium enterprises investment, said Secretary of the Committee U Khin Yi, who is also Minister of Immigration and Population.

U Khin Yi has presented the system to the parliament to be applied in the fiscal year 2014-15, saying that the government will also promote the system of granting online visa.

Since Myanmar introduced visa-on-arrival system on June 1, 2012, travelers from 67 economies including ASEAN countries have benefited from the system so far.

Since taking office by the civilian government in 2011, tourist arrivals in Myanmar remarkably reached 1.06 million in 2012 and 2. 04 million in 2013.

The country targets three million tourist arrivals by the end of 2014.

Statistics also show that since 1988, contracted foreign investment in Myanmar reached nearly 50 billion U.S. dollars with 783 foreign enterprises as of September 2014.