Government Puts in Place Structures to Attract Diaspora Investments

In a fresh effort to attract investments from the diaspora community, the government has made a promise to establish systems that will encourage Kenyans abroad to invest in the country more easily.

At the commencement of the 10th Kenya Diaspora Homecoming Convention (KDHC) today, Roslyn Njogu, Principal Secretary of the State Department for Diaspora Affairs, vocalized the active support of the Kenya Kwanza administration towards empowering Kenyans overseas to boost remittances delivered back home. Njogu highly encourages Kenyans living abroad to take into consideration different business prospects like feasible technology transfer from their host countries. This event serves as a platform for Kenyans living and working abroad to come together, celebrate the year, network, receive updates on upcoming opportunities, and make projections.

In a ground-breaking move, an investment summit will acknowledge and honour the achievements of Kenyan citizens residing outside the country through an awards presentation. The high cost of transferring funds overseas has been a major issue of concern for such Kenyan diaspora communities, a problem which was not left unaddressed by Njogu. Improving the standards of living for Kenyans abroad remains a priority for the Ministry of Foreign and Diaspora Affairs. As part of its efforts, the Foreign Ministry aims to put in place robust systems for job-seeking that will enable Kenyans abroad to find employment that aligns with their qualifications.

The chairperson of Kenya Diaspora Alliance Global Dr. Shem Ochuodho has voiced his assurance in the government's endeavours, affirming that these actions will ultimately result in a surge of remittances to the nation. Dr Ochuodho further highlights the capacity of diaspora remittances to alleviate the arduous economic circumstances in Kenya. He urges the government to establish a favourable investment atmosphere that would entice Kenyans residing abroad to invest in their native land.

According to surveys conducted by the Central Bank of Kenya (CBK) on diaspora remittances, the inflow of funds to Kenya, which boasts the largest economy in the region, has experienced a tenfold increase over the past decade, reaching a record high of $4.027 billion (Sh559.57 billion) in 2022.