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Michael Tome
Business Reporter
S0STHE Ministry of Foreign Affairs and International Trade will tomorrow host the inaugural Diaspora Investment Conference on the sidelines of the ongoing Zimbabwe International Trade Fair (ZITF 25-29 Mach, 2023) in Bulawayo.
This comes as the Government continues on the drive to harness skills, resources, and networks of Zimbabweans in the diaspora to spur economic growth and development.
Dubbed “Spotlight Zimbabwe”, the engagement is aligned with the dictates of the National Development Strategy (NDS 1), which strives to enhance diaspora participation in issues of domestic economic development.
To be hosted at the Bulawayo Rainbow Hotel, the conference is expected to yield significant benefits for both the diaspora and the country, in terms of investment, job creation, and economic growth.
According to the Reserve Bank of Zimbabwe, locals living and working abroad sent home US$1,66 billion in 2022, which was 16 percent more than they did in the previous year.
Under President Mnangagwa, the Second Republic has sought to engage and re-engage with all nations, and through the diaspora community, has made contacts and built gainful business partnerships in different countries where they live.
Overall, “Spotlight Zimbabwe” is a positive development that demonstrates the Government’s commitment to promoting national development through engagement with its citizens abroad.
The gathering will provide a platform for Zimbabwean diasporans and potential investors to explore opportunities for investment and partnerships in various sectors of the economy, including agriculture, mining, tourism, and infrastructure development. The inaugural Diaspora Investment Conference is a significant event that aims to promote the participation of Zimbabweans living abroad in the development of their country at the same time showcasing the Government’s commitment to creating a conducive environment for investment and business growth, through policy reforms and institutional strengthening.
According to the Ministry of Foreign Affairs and International Trade, this unit was created to enhance the capacity of the Government of Zimbabwe to coordinate diaspora affairs and mobilise the Zimbabwean diaspora.
These engagement activities are expected to tap into the diaspora resources and encourage the use of formal channels for remittances, as well as encourage them to undertake investment, trade, and tourism projects in Zimbabwe.
“This platform will help to bridge information gaps to improve the participation of the Diaspora in the socio-economic development activities at home and abroad, in fulfillment of the Second Republic’s mantra of “Leaving No One and No Place Behind”, in developmental endeavors
“It seeks to assure the diaspora Community of the Government’s commitment to promote and protect the interests of its citizens at home and abroad and, to encourage them to fully participate in the country’s development agenda as espoused in the NDSI.
“Spotlight Zimbabwe” aims to create a platform for constructive engagements involving Government, Stakeholders, and the Zimbabwean Diaspora Community in areas of mutual concern,” said Foreign Affairs and International Trade Ministry in a statement.
The conference is timely, as it comes at a time when the country is seeking to attract foreign investment to support its economic recovery and growth agenda.
The Zimbabwean diaspora represents a significant potential source of investment and skills transfer, given its large size and diverse skills base.
By engaging with the diaspora, the government can tap into this potential and leverage it to accelerate economic development and create job opportunities for its citizens.
Apart from the host, Minister of Foreign Affairs and International Trade, Ambassador Frederick Shava, conference participants include a wide range of stakeholders.
These include members of the Zimbabwe Diaspora Community, the Reserve Bank of Zimbabwe (RBZ), Zimbabwe Investment Development Agency (ZIDA), Zimbabwe Revenue Authority (Zimra), Confederation of Zimbabwe Industries (CZI), Zimbabwe National Chamber of Commerce (ZNCC), provincial Governments, and other line ministries, departments, and agencies (MDAs).
It is envisaged that through engagement, these initiatives will catalyse enhanced and effective Diaspora participation in the Nation’s cross-sectoral growth and development.
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