FDI grew up 60% in 2010

10 years, 1 month ago - March 22, 2011
13.95 billion rupees, surpassing a 12 billion rupee forecast

Mauritius said foreign direct investment (FDI) to the Indian Ocean island grew by 60 percent in 2010 to 13.95 billion rupees, surpassing a 12 billion rupee forecast, official central bank data showed on Monday.

Mauritius markets itself as a bridge between Africa and Asia. The global downturn curbed investment flows in 2009, notably into what had been a booming luxury real estate sector.

"Provisional estimates for the calendar year 2010 indicate that gross Foreign Direct Investment (FDI) inflows in Mauritius stood at 13.948 billion rupees," the Bank of Mauritius said in a statement.

Foreign direct investment to the Indian Ocean island stood at 8.7 billion rupees in 2009.

The central bank said investment was mainly to the financial and insurance activities sector with 4.645 billion rupees, followed by the real estate sector with 3.422 billion.

The United Kingdom was the biggest source of foreign direct investment with 4.632 billion rupees, then India with 2.887 billion rupees, France with 1.598 billion rupees and South Africa 1.468 billion rupees.

In January, Prakash Maunthrooa, the managing director of the Board of Investment, told Reuters the Indian Ocean island is eyeing an 8 percent growth in FDI in 2011.

Famed for its white sand beaches and luxury spas, Mauritius is diversifying its economy away from the traditional sugar, textiles and tourism sectors into offshore banking, business outsourcing, luxury real estate and medical tourism.

Text by Reuters

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