By Hillary Munedzi
The Eastern Caucus (TECA) has praised the government of Zimbabwe for successfully hosting the Zimbabwe Annual Diaspora Conference (ZADC) in Vumba, Mutare recently, the event has fostered meaningful engagement with the diaspora community, resulting in a significant increase in investments.
The conference serves as a platform to connect Zimbabweans living abroad with local opportunities, enhancing collaboration and promoting economic growth. The positive outcomes reflect the government’s commitment to leveraging diaspora contributions for national development.
This year’s conference was running under the theme “engaging, enabling and empowering the diaspora, catalyzing investment, trade and social support for national development”.
Speaking at the event Foreign affairs and international trade minister Professor Ammon Murwira highlighted the need to foster engagement with the diaspora community since the diaspora community is contributing nearly $US2 billion annually.
“To enable Zimbabwe to thrive in a favorable international environment, it is essential to devise innovative strategies that respond effectively to both opportunities and challenges. Zimbabweans abroad should take advantage of investment opportunities in the country and prospects for international cooperation.
The ministry of Foreign Affairs aims to strengthen and develop the capacity of Zimbabwe’s foreign services architecture, as well as its institutional and financial frameworks for health, humanitarian assistance, and citizen safety, “said Professor Murwira.
The diaspora remittances now account for approximately 16% of foreign currency inflows, surpassing foreign direct investment and solidifying their position as the second-largest source of foreign exchange after exports, but it is still very expensive to send money to Africa, the average global cost of sending money is estimated at 7, 8%, South Asia it costs about 6.5%, yet sending money to Africa costs 12%.
“The platform was an incredible step towards the acceptance of the diaspora voice as key in the mainstream economic development, beyond providing much needed remittances their views also matter. “Mr Nyasha Musikambesa a member of TECA echoed his sentiments after his participation.