Government to Improve Economic Environment for Investment, Leverage on Diaspora Remittances

Nairobi,

Friday December 8, 2023

KNA by Michael Omondi

Kenyans in diaspora have expressed confidence that the government will better the investment environment in the country to enable the latter leverage on the diaspora remittance. 

This follows a promise by the government to put structures to make it easier for Kenyans abroad to invest back in the country in a fresh bid to woo investments from the diaspora community.

Speaking at the 10th Annual Kenya Diaspora Homecoming Convention in Nairobi, State Department for Diaspora Affairs Principal Secretary Roslyn Njogu stated that the Kenya Kwanza administration has stepped up efforts to make the environment for investment better for Kenyans in diaspora.

“We are calling on Kenyans to think about what new business opportunities they are bringing into the country. Kenyans abroad should think of technology transfer as new fronts they can bring into Kenya from their host countries,” said Njogu.

She acknowledged that the government has received concerns from Kenyans abroad decrying the high cost of sending money back to the country and therefore promised to engage all stakeholders in the diaspora money transfer sector to ensure that the cost is manageable.

“The concern we have noted from the diaspora is the high cost of sending money back home. We want more Kenyans abroad to keep sending money back home so that we develop our economy,” added Njogu.

According to the Central Bank of Kenya (CBK) Diaspora Remittances Surveys, inflows to the country, considered to have the largest economy in this region, has increased tenfold over the past decade, reaching an all-time record of $4.027 billion (KSh559.57 billion) in 2022.

Currently, the Ministry of Foreign and Diaspora Affairs is in the process of setting up and securing systems for Kenyans in diaspora to obtain jobs that suit their qualifications.

Also speaking at the Conference, the Kenya Diaspora Alliance Chairperson Dr Shem Ochuodho who made a plea to the government to focus on improving the welfare of Kenyans abroad to enable them invest heavily back at home. 

“Kenyans in the diaspora are ready to invest their money back home. There needs to be focus on improving the investment environment to attract them,” said Dr Ochuodho. 

He nevertheless exuded confidence that the steps laid down by the government to improve the welfare of Kenyans in the diaspora will improve remittance in the country.

“I am confident that the steps being undertaken by the government to improve the welfare of Kenyans living abroad by the government will bear fruits and see the doubling of remittances,” expressed the Chairperson.

Further, Dr Ochuodho maintained that tapping into diaspora remittances can boost the economy of the country at a time when Kenyans are struggling with the high cost of living.

He reiterated that the tough economic times in the country can be rescued by leveraging on diaspora remittances and called on the government to create a favourable environment for investment opportunities to woo Kenyans abroad into investing in the country.

“We are seeking to convince the government that it is Kenyans in the diaspora who can rescue our economy during tough times if a better investment environment is in place,” voiced Dr Ochuodho.

The Chairperson announced that the investment conference will for the first time recognise achievements of Kenyans living abroad with rewards, that is, the launch of the 2023 Diaspora Awards that aims at celebrating and recognising the remarkable contributions and achievements of individuals from diverse Kenyan diaspora communities across the world.

“The Kenya Diasporas Alliance recognises the awards as a beacon of acknowledgement for individuals who have not only demonstrated excellence, innovation, and impact but have also showcased the positive influence of diaspora communities on a global scale,” he remarked. 

This networking and partnership event annually brings together Kenyans living and working abroad to celebrate the year that has passed, network, make projections, and receive updates on upcoming opportunities and activities.

The awards are designed to recognise outstanding achievements in a diverse range of categories. From Arts and Culture to Science and Technology, Entrepreneurship to Philanthropy and many others even as the lobby explained that the categories celebrate incredible talents and passions. 

Meanwhile, the United States Ambassador to Kenya Meg Whitman lauded the Kenya Diaspora Alliance for organising the conference and encouraged Kenyans abroad to invest back in the country.

Courtesy; KNA