Conrad Mwanza
I would like to begin by congratulating Hon. Dr Kudakwashe Tagwirei on his appointment as Zimbabwe’s Minister of Economic Development and Investment Promotion.
His appointment comes at an important time for our country, when the need to accelerate investment, expand productive capacity, create employment and build sustainable Zimbabwean businesses has never been more relevant.
As someone with extensive experience in business and investment, Minister Tagwirei brings a perspective that I hope will help strengthen Zimbabwe’s ability to attract capital and turn economic opportunities into productive enterprises.
For years, our investment conversation has focused heavily on Foreign Direct Investment (FDI). We have travelled around the world promoting Zimbabwe as an investment destination, participated in international conferences, engaged foreign investors and highlighted opportunities in mining, agriculture, energy, tourism, infrastructure and manufacturing.
Zimbabwe needs international capital. We need technology, global partnerships, expertise and access to international markets. Foreign investment will continue to play an important role in our economic development.
While we court investors, are we paying enough attention to Zimbabweans who are already living around the world?
These are people who understand our country, have families here, maintain economic connections with home and, in many cases, would genuinely like to invest in Zimbabwe if the right opportunities and protections existed.
I believe the time has come for Zimbabwe to develop a deliberate national strategy around Diaspora Direct Investment (DDI).
The US$5 Billion Diaspora Economy
In previous articles, I have argued that Zimbabwe needs to pay much greater attention to the economic potential of its diaspora.
I have used a figure of approximately US$5 billion annually to illustrate the scale of the wider diaspora financial opportunity that we should be seeking to harness.
The precise measurement of this broader diaspora economy requires careful analysis, particularly because formal remittances, informal transfers, property investment, business activity and other financial flows are not all the same thing.
But the underlying proposition is important.
Let us work with US$5 billion as an illustrative annual figure.
Now imagine if we deliberately developed investment mechanisms capable of attracting just 5% of that amount into productive sectors of the Zimbabwean economy.
Five percent of US$5 billion is US$250 million.
Imagine US$250 million being channelled into irrigation development, commercial agriculture, food processing, renewable energy, industrial parks, housing, technology businesses, tourism facilities and manufacturing.
Imagine the businesses that could be established.
The jobs that could be created.
The supply chains that could be strengthened.
The Zimbabwean brands that could be developed.
And the wealth that could be retained through local ownership.
If such a level of investment could be sustained over 10 years, it would represent US$2.5 billion in cumulative capital flows before accounting for returns, reinvestment or changes in annual investment levels.
That is not a forecast, and mobilising such capital would require considerable work. But it is precisely the kind of ambition that should inform our national investment strategy.
We Have Celebrated Remittances. Now Let Us Build on Them
For many years, Zimbabweans living abroad have played an extraordinary role in supporting our economy.
They have paid school fees.
They have supported parents and relatives.
They have financed healthcare.
They have built family homes.
They have supported small businesses.
They have helped sustain household spending and contributed foreign currency to the economy.
These contributions are significant and deserve recognition.
Indeed, the diaspora has demonstrated a level of commitment to Zimbabwe that should make us think seriously about its long-term economic potential.
But there is a fundamental difference between money that is spent and money that is invested.
When somebody sends US$500 home for household expenses, that money serves an important purpose. It helps a family meet immediate needs and also supports economic activity.
When somebody invests US$500 into a productive enterprise, that capital may help create an asset capable of generating income, employment and future returns.
Both are valuable, but they perform different economic functions.
Our challenge is to create additional pathways through which diaspora savings and investment capital can flow into productive enterprises.
Why Diaspora Direct Investment Deserves Its Own Strategy
Zimbabwe should remain open to investment from China, Britain, South Africa, the United Arab Emirates, India, the United States and every other country whose investors are willing to participate responsibly in our economic development.
But diaspora investors bring a particular combination of advantages.
They understand Zimbabwean society.
They often have family and community connections here.
They may speak the languages, understand consumer preferences and recognise business opportunities that outsiders could overlook.
They have also acquired international experience and networks that can help Zimbabwean businesses access new technologies, management practices and markets.
A Zimbabwean living in Birmingham may understand how a particular service operates in Britain and recognise an opportunity to introduce an adapted version in Bulawayo.
A Zimbabwean in Dubai may have relationships that could help Zimbabwean agricultural products reach international buyers.
A Zimbabwean engineer in Australia may possess technical expertise that could contribute to mining, energy or infrastructure projects.
A Zimbabwean entrepreneur in Johannesburg may understand regional supply chains and see opportunities to build businesses connecting Zimbabwe with the wider Southern African market.
This is the diaspora advantage.
It is not simply money.
It is capital combined with knowledge, networks, cultural understanding and a personal connection to Zimbabwe.
There is also the question of investment horizons.
International investors understandably assess projects through the lens of risk, profitability and capital allocation. Some will make long-term commitments; others may exit when their commercial objectives change.
Ethiopia offers an important lesson through the Grand Ethiopian Renaissance Dam.
The project became a major national development undertaking, and Ethiopians living abroad were encouraged to participate through financial contributions and diaspora bond initiatives.
Although diaspora contributions represented only part of the wider financing effort, the initiative demonstrated how citizens living outside their country could be mobilised around a major national project.
There are also lessons from countries that have used diaspora bonds, investment networks and specialised financial products to attract capital from citizens living abroad.
These experiences are not uniformly successful. Some have faced difficulties involving investor confidence, returns, currency risks and project governance.
But they demonstrate that diaspora investment can be approached systematically rather than left to individual initiative.
Zimbabwe should study both the successes and the difficulties.
Could we establish properly structured investment vehicles for renewable energy?
Could diaspora investors participate in financing irrigation infrastructure and agricultural processing?
Could Zimbabwean professionals abroad help capitalise technology companies and manufacturing enterprises?
Could investment funds be created to support promising Zimbabwean businesses with strong growth potential?
Could we develop projects where diaspora investors, local entrepreneurs and institutional investors participate together?
Prioritising productive investment and ownership
Another important consideration is where diaspora capital should go.
Zimbabweans abroad have already invested substantially in residential property.
Home ownership is important, and building a family home is a legitimate financial and personal priority.
But I believe we should expand the range of opportunities available to diaspora investors.
Our economy needs more productive enterprises.
We need businesses that manufacture goods.
Businesses that process agricultural produce.
Businesses that export products.
Businesses that develop technology.
Businesses that generate electricity.
Businesses that create employment and build Zimbabwean brands.
For example, Zimbabwe has considerable potential in horticulture.
We produce blueberries, citrus, avocados, macadamias and many other agricultural products.
But the opportunity extends beyond growing crops.
There are opportunities in packaging, cold storage, logistics, food processing, branding and exports.
Why should diaspora investors not participate in building Zimbabwean-owned companies across these value chains?
The same applies to mining.
Not every diaspora investor needs to own a mine.
There are opportunities in engineering, equipment supply, transportation, processing, energy and other services that support mining operations.
Tourism presents similar possibilities.
We should be building more Zimbabwean-owned hotels, lodges, tourism companies and hospitality brands.
And in technology, we should be creating opportunities for diaspora professionals to finance and mentor promising local entrepreneurs.
The objective should be clear.
We want diaspora investment to help build productive Zimbabwean assets that generate income, create jobs and strengthen domestic ownership.
The Diaspora Can Also Bring Markets, Not Just Money
One aspect of diaspora investment that I believe deserves greater attention is access to international markets.
Zimbabweans living abroad understand the consumer markets in which they work and live.
They know retailers, distributors, service providers and potential business partners.
They understand standards, packaging expectations, customer preferences and business practices.
This knowledge can be extremely valuable to Zimbabwean enterprises seeking to export.
A Zimbabwean living in Britain could help introduce locally manufactured products to British retailers.
A Zimbabwean in the United Arab Emirates could help connect Zimbabwean agricultural exporters with buyers in the Gulf.
A Zimbabwean in Australia could facilitate partnerships involving education, technology or professional services.
In this sense, diaspora investment can have an impact far beyond the initial capital contribution.
It can help Zimbabwean companies become more internationally competitive.
And it can help us move from being primarily consumers of international brands to becoming creators and exporters of our own.
That is an important part of the African Dream I continue to advocate.
Our Work at ZAA and the IOM Partnership
At the Zimbabwe Achievers Association, we have spent years building relationships with Zimbabwean communities across the world.
Through our international platforms, we engage professionals, entrepreneurs, businesspeople and community leaders who remain deeply connected to Zimbabwe.
We have also signed a Memorandum of Understanding with the International Organization for Migration (IOM), providing a basis for further engagement around diaspora participation and development.
For me, one of the most exciting areas to explore is how we can move beyond the traditional remittance conversation.
I believe diaspora organisations can become important bridges between Zimbabwean investors abroad and credible opportunities at home.
We understand the networks.
We understand the aspirations.
We understand some of the concerns that Zimbabweans abroad have about investing.
And we can help facilitate conversations between investors, entrepreneurs, financial institutions and policymakers.
Personally, I am increasingly focused on exploring impact investment models through which diaspora investors can own stakes in enterprises that deliver both commercial returns and positive development outcomes.
I want to see Zimbabweans abroad become shareholders in businesses that create jobs, develop communities and build productive capacity.
Not simply donors.
Not simply remittance senders.
Owners and investors in Zimbabwe’s future.
I believe this is an area where government, diaspora organisations, development partners and the private sector could work together productively.
Let Us Set a Serious National Ambition
If I were to make one practical recommendation to the new Minister, it would be this:
Let us establish a measurable national ambition for Diaspora Direct Investment.
Let us begin by understanding the actual scale of diaspora savings, investment capacity and existing investments.
Let us map the sectors in which diaspora investors are most interested.
Let us identify the obstacles preventing investment.
Let us create a pipeline of credible projects.
And let us develop the financial and regulatory structures needed to mobilise capital.
The US$250 million annual scenario I have outlined should encourage us to think ambitiously.
It does not mean that money can be mobilised overnight.
Nor does it mean that every dollar sent to support a household can or should become investment capital.
But it demonstrates why this deserves a coordinated national effort.
If we are serious about building a more productive economy, we should be serious about mobilising the resources of Zimbabweans around the world.
Honourable Minister, This Is an Opportunity Worth Championing
Hon. Dr Kudakwashe Tagwirei has an opportunity to help establish diaspora investment as an important pillar of Zimbabwe’s economic development strategy.
I would encourage him to engage directly with diaspora business networks, financial institutions, investment professionals and organisations working with Zimbabweans abroad.
I would encourage the Ministry to explore a dedicated Diaspora Direct Investment programme with clear objectives and measurable outcomes.
And I would encourage a national conversation that recognises diaspora investment as something much bigger than remittances.
Let us continue attracting foreign investors.
Let us continue promoting Zimbabwe internationally.
Let us continue welcoming global partnerships.
But let us also build a system that enables Zimbabweans abroad to invest confidently in their own country.
Because there is something fundamentally powerful about a nation whose citizens, wherever they live, have meaningful opportunities to participate in building its economy.
The Country Is Ours to Build
I have often argued that Zimbabweans must stop waiting for somebody else to build the country we want.
Government has its responsibilities, particularly in creating an enabling environment, providing public infrastructure and strengthening institutions.
But national development also requires entrepreneurs, investors, professionals, farmers, innovators and businesspeople.
It requires people prepared to create businesses, take calculated risks and build institutions.
And it requires Zimbabweans abroad to see themselves not only as supporters of families back home, but also as potential participants in the country’s productive economy.
Our diaspora has already demonstrated its commitment to Zimbabwe.
Now we must create the conditions for that commitment to become a stronger force for investment, enterprise and ownership.So, Honourable Minister, congratulations once again on your appointment.
As you seek to attract investment from across the world, I hope you will give particular attention to the Zimbabweans who are already part of that world.
They possess capital.
They possess expertise.
They possess networks.
And they possess a connection to Zimbabwe that cannot easily be replicated.
The opportunity is to bring these resources together through credible, transparent and commercially sustainable investment structures.
Let us move beyond remittances.
Let us build Diaspora Direct Investment.
Let us turn diaspora financial capacity into productive assets, businesses, jobs and Zimbabwean ownership.
Because perhaps one of Zimbabwe’s most important untapped investment opportunities is not somewhere outside our national community.
It is our own people, living across the world, waiting for the right opportunity to invest in the country they still call home.
Conrad Mwanza is President of the Zimbabwe Achievers Association (ZAA). He writes on diaspora engagement, entrepreneurship, investment, African ownership and economic development.
