YANGON, June 7 (Xinhua) -- Myanmar's Yangon region authorities are seeking to establish a new multi-purpose terminal in the region, the official Global New Light of Myanmar reported Thursday.

A new port will be set up in Kawhmu township aiming at promoting regional development, facilitating the country's trade with neighboring countries as well as attracting foreign investments in the region.

With storage terminal for fuel oil imports, the new port will be set up on 1,053 acres of land with a 2.2 km waterfront, having a 9-meter draft of river which is deeper than the Thilawa port.

The Yangon port serves as the main gateway for 95 percent of the trade with foreign countries - mainly Malaysia, India, China, Sri Lanka, Indonesia, Vietnam, Bangladesh and Thailand via sea route.