Deputy Prime Minister Ramakrishna Sithanen of Mauritius

ties with Asia's hyper-economies, China and India.

Mauritius finance minister Ramakrishna Sithanen took advantage of a visit to Luxembourg last week to sign the protocol of agreement for a ECU 12 million (about US$14 million) loan from European Investment Bank (EIB), the European Community's long-term financing institution, for financing better drinking-water supplies in Mauritius.

Sithanen was appointed to his post by new prime minister, Dr Navin Ramgoolam, in July following the Mauritius Labour Party's (MLP) victory in the general elections.

plus 27,500 jobs lost and -8% for the textile industry, Sithanen has to look to other sectors for growth.

SIDEBAR DEVELOPMENTKeeping an eye on other sectorsFinance minister Sithanen has not placed all his eggs in the tourism basket.

In a press conference, Mauritian Finance Minister Rama Sithanen said that Foreign Direct Investment (FDI) in 2007 may see a growth by 56 percent to.

Sithanen said Mauritius Government will continue to lend a helping hand to textiles, clothing and jewellery industries among others and encourage them to export.

Sithanen said the forecast for economic growth in this year had been cut again to 5.

Taking note of such concerns, Sithanen has avoided putting all his economic eggs in the same basket.

The Minister of Finance and Economic Empowerment from Mauritius Ramakrishna Sithanen said he believes the outlook is not as gloomy as some might think.

Honourable Ramakrishna Sithanen is one of the prominent economists in Mauritius.

Hon Sithanen was recently re-elected to the Mauritian National Assembly and has been assigned the responsibility of Deputy Prime Minister and Minister of Finance and Economic Development at a time when the country is going through a difficult transition.

Mauritian Finance Minister Ramakrishna Sithanen says that the island needs an annual growth rate of seven to eight percent to be able to create jobs, tackle the budget deficit and pay for free transport for the elderly and students -- a service which was introduced Aug 15 at a cost of 20 million dollars annually.

Sithanen is keen that the Indian rich snap up, at least, some of the villas: One of the architects is Norman Foster — so there are some big names.