Mauritius expects foreign direct investment to rise to 10 billion rupees ($320 million) by the end of the year, Board of Investment Chairman Maurice Lam said.

Investment for the first half of 2012 was probably “3 billion rupees to 3.5 billion rupees,” Lam said in a transcript of an interview published in the Port Louis-based Business Magazine today. FDI for 2011 was 9.46 billion rupees, according to Bank of Mauritius data.

The Indian Ocean island nation should diversify its investment sources to countries such as Japan and South Korea from Europe, its traditional market, Lam said.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net