Foreign direct investments in Mauritius reached 7.96 billion rupees (US$222 million) in first half of 2016, up 69% compared to the same period in 2015, data released by the National Investment Council on Oct. 27^th shows.

The increase mainly results from booming investments in the real estate and financial services sectors, standing respectively at 5.03 billion rupees and 2.01 billion for the period considered.

“Most of FDIs comes from developing countries, especially from China and South Africa, unlike in the past where it used to come from developed nations,” the National Investment Council said, highlighting that FDIs are set to keep growing driving up the number of major projects such as smart cities and that of African Leadership University.

Since its independence in 1968, Mauritius recorded a 5%-6% annual average growth rate. The former British colony thus moved from being a low-income nation whose economy was based mainly on agriculture, to a middle-income country, with a diversified economy resting on a developing industrial and finance sector and on medical tourism, real estate and outsourcing.