Contracted foreign investment in Myanmar has hit 14.4 billion U.S. dollars since the country opened to such investment in late 1988, according to the latest figures released by the Ministry of National Planning and Economic Development.

The foreign investment, scattered in 408 projects, came from 28 countries and regions, of which Thailand, Singapore, United Kingdom and Malaysia were leading.

Myanmar absorbed the highest annual contracted foreign investment of 6.065 billion U.S. dollars in 2005-06 fiscal year which mainly came from Thailand with 6.03 billion dollars in the 7, 110-megawatt Tar-hsan hydropower project on the Thanlwin River in eastern Shan state's Tachilek.

Other investments during the fiscal year were from India with 30.575 million dollars in oil and gas, from Thailand with 4.4 million dollars also in oil and gas and from China with 700,000 dollars in mining totaling over 35 million dollars, the ministry's figures show.

Sectorally speaking, oil and gas accounted for 34 percent, manufacturing 20 percent, real estate 13.7 percent and hotels and tourism 13.3 percent.

Other sectors include mining, livestock and fisheries, transport communication, industrial estate, construction and agriculture.

In the first half (April to September) of the fiscal year 2006- 07, Myanmar brought in 33 million dollars contracted foreign investment from Russia, according to the ministry. Russia's investment in the oil and gas sector was the only foreign investment absorbed during the half-year period.

Myanmar enacted the Foreign Direct Investment (FDI) Law in late 1988 when it started to adopt a market-oriented economic policy and the energy sector which comprises of oil and gas and hydropower is seen as the main contributor to the increase in FDI in Myanmar in the future.