Yangon: Foreign investment in Myanmar dropped 11.6 percent in 2005 to US$113 million (€94 million), with the bulk of funds directed at the Southeast Asian nation’s oil and gas markets and manufacturing, a journal reported.

Foreign investment in 2004 was US$128 million (€106 million), the Weekly Eleven journal reported in its current edition, citing an official source.

The journal did not break down the foreign investment by country or provide reasons for the decline, but analysts attribute the drop to Myanmar’s inconsistent trade policies and the political climate in the military-ruled country.

The United States and European Union have imposed economic sanctions on Myanmar in recent years to pressure the military government to improve human rights and release detained pro-democracy leader Aung San Suu Kyi.

Since Myanmar opened its markets to foreign investment in 1988, the Southeast Asian country has drawn $7.76 billion (€6.43 billion) with more than half coming from neighboring countries in ASEAN, or the Association of Southeast Asian Nations.

ASEAN, which accounted for $3.96 billion (€3.28 billion) of foreign investment to Myanmar over the last 17 years, also includes Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Singapore’s contribution was the highest, with $1.57 billion in foreign investment, followed by $1.34 billion (€1.11 billion) from Thailand, the journal reported.