From Business Day

South African investor interest in Mauritius has grown strongly over recent years, from individuals taking up incentivised properties as well as from big business, says Nitin Pandea, a senior director at the Mauritian Board of Investments.

Pandea said in Sandton on Wednesday that South Africans had bought a third of all Mauritian integrated resort scheme (IRS) properties and smaller-scale real estate scheme properties sold to date. Two large IRS schemes have been completed while six are under construction.

The schemes are an initiative of the Mauritian government and are designed to encourage resort and residential property investments by noncitizens.

Pandea said foreign direct investment from South Africa had ballooned in recent years to about $100m a year. Meanwhile, about 1,500 applications for residency permits had been granted to South Africans, most of whom were professionals.

Mauritius, which was once heavily dependent on sugar production and later tourism, has looked to increasingly diversify its economy. Manufacturing now makes up 17 percent of the economy.

Pandea said Mauritius was looking to attract manufacturing investment from South Africa. He added that the board of investment, which facilitates investment into the country, had seen “strong interest” from South African manufacturers and seafood producers.

Written by Nick Hedley/Read more at Business Day