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Oliver Kazunga, Senior Business Reporter
THE Government will finalise the review of the National Diaspora Policy this year to align it with targets under the National Development Strategy (NDS) 1, a stepping stone towards achieving Vision 2030.
In April this year, the Government announced that it was in the process of refining the National Diaspora Policy of 2016 to ensure citizens based in different parts of the world are not left out in the national development agenda.
The Government’s Vision 2030 economic transformation to achieve an upper middle-income society by 2030, is anchored on NDS1, the national five-year economic development policy running through 2025.
NDS1 will be replaced by NDS2, another five-year plan to scheduled to run from 2026 to 2030.
Under NDS1, the targeted areas towards Vision 2030 include economic growth and stability, food and nutrition security, governance, human capital development, environmental protection, housing delivery, digital economy, health, infrastructure development, international engagement and re-engagement drive, social protection and devolution.
This was said by Deputy Chief Secretary (Policy Analysis, Coordination and Development Planning) in the Office of the President and Cabinet, Mr Willard Manungo, while speaking at the UK-Zimbabwe Business Expo in Birmingham last week.
He said the Government was aware of the need to create a mutually beneficial and enabling policy and legal environment, that provides the diaspora with opportunities to actively participate in Zimbabwe’s economic development.
“In this regard, we are in the process of reviewing the National Diaspora Policy of 2016 to align it with NDS1 and the national vision of achieving an upper middle-income society by 2030.
“The policy seeks to maximise and broaden the pathways of mainstreaming the Diaspora into the national development agenda and make the economy more inclusive.
“I therefore invite you, as the diaspora, to submit your views, recommendations and contributions to the new policy, which is expected to be finalised by the end of the third quarter of 2024 through the embassy in London.
“Your contributions will ensure that the policy is inclusive, people-driven and Diaspora-centric,” he said.
An estimated three million Zimbabweans are believed to be in the diaspora and over the years, they have been regularly sending money back home to sustain their families.
Last year, Diaspora remittances increased by 13 percent to US$1,8 billion from US$1,6 billion in 2022.
Mr Manungo said the above figures demonstrate the significant contribution of the Diaspora community to Zimbabwe’s foreign currency reserves and national economic development.
“I wish at this point, to reiterate His Excellency, the President’s clarion call for the diaspora to go beyond remittance and invest in productive sectors of the economy and the capital markets and earn sustainable incomes for your families back home.
“I also wish to continuously encourage you, to utilise the formal channels of remitting your hard earned income back home.
“As the Government, we will continue to facilitate the lowering of the cost of remittance with the Reserve Bank of Zimbabwe to ensure improved service delivery and ease of doing business,” he said.
Elsewhere, countries such as China and India, have different business-oriented incentive models that enlist diaspora contributions to development and such nations have succeeded in becoming among the leading world economies without reliance on foreign direct investment only.
And through the “Zimbabwe is Open for Business” mantra, Mr Manungo said foreign direct investment and the Diaspora community were being invited into the country to invest in all economic sectors that include infrastructure development, agriculture, mining, manufacturing and industrial development, tourism and hospitality, among others.
“The Government has prioritised infrastructure as a priority area for investment in transportation, energy, telecommunications, and urban modernisation and development.
“Diaspora investors can participate in infrastructure projects through investments in Government bonds, public-private partnerships, specialised infrastructure funds,” he said.
Mr Manungo noted that Zimbabwe’s agricultural sector has significant potential, with opportunities in commercial farming, food processing, and agricultural logistics.
“Diaspora investors can consider investments in farmland partnerships, agricultural mechanisation, or agribusiness-focused private equity funds.
“The Zimbabwean real estate market has shown signs of recovery and growth, with demand for both residential and commercial properties.
“Diaspora investors can explore investments in residential and commercial properties, as well as real estate investment trusts (REITs) and real estate development projects,” he said.
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Charles Duri