June 9, 2017 / 2:36 PM / a year ago

Foreign investment into Mauritius down 32 percent in Q1

PORT LOUIS, June 9 (Reuters) - Foreign direct investment in Mauritius fell 32 percent year-on-year in the first quarter of 2017, to 2.04 billion rupees ($59 million), due to a drop in funds going into real estate and manufacturing, data from the Bank of Mauritius showed on Friday.

The bank said investments into real estate fell to 1.87 billion rupees from 2.39 billion rupees in first quarter 2016, while that into manufacturing fell to 93 million rupees from 378 million rupees.

It said nearly a third of the direct investment inflows originated from France with 722 million rupees, while those from South Africa and United Kingdom amounted to 285 million rupees and 185 million rupees respectively.

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

$1 = 34.6300 Mauritius rupees Reporting by Jean Paul Arouff; Editing by George Obulutsa and Ed Stoddard

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