May 8, 2018 / 12:08 PM / 2 months ago

Mauritius 2017 FDI jumps 28 pct yr/yr - central bank

PORT LOUIS, May 8 (Reuters) - Foreign direct investment (FDI) in Mauritius grew faster in 2017 than earlier reported, driven by inflows into real estate, revised central bank data showed on Tuesday.

The Bank of Mauritius said in a statement FDI grew 28 percent year-on-year to 17.49 billion rupees ($507.69 million).

Last month the bank put the figure at 14.22 billion rupees in 2017 compared with 13.64 billion in 2016.

Foreign investment in real estate led with 8.79 billion rupees, followed by financial and insurance activities with 6.58 billion, up from an earlier estimate of 3.32 billion, the central bank said.

“The biggest chunk of direct investment came from Europe with France and Luxembourg combined accounting for over 40 per cent of total gross direct investment inflows,” it said.

France was the biggest source, accounting for 4.38 billion rupees, followed by Luxembourg, with 3.31 billion.

Mauritius is moving from an economy traditionally focused on sugar, textiles and tourism towards offshore banking, business outsourcing, luxury real estate and medical tourism. ($1 = 34.4500 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by George Obulutsa and Andrew Roche)

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