Mudavadi Pledges to Tap into Diaspora Resources for Economic Growth

According to Prime Cabinet Secretary Musalia Mudavadi, Kenyans living abroad possess valuable financial and intellectual resources that should be utilized to advance the nation's socio-economic progress.

While speaking at the diaspora investment conference on Wednesday hosted at the Kenya International Convention Centre (KICC), Mudavadi reiterated the importance of tapping into the rich resources and business connections within Kenya's diaspora to buttress the Government's Bottom-Up Economic Transformation Agenda (BETA). As the Foreign and Diaspora Affairs Cabinet Secretary, Mudavadi demonstrated the Government's pledge to engage the diaspora community through active participation to fully realize their potential.

The Prime Cabinet Secretary added that the monetary contributions made by Kenyans abroad to support their businesses and loved ones surpass US$300 million, showcasing their remarkable resilience and dedication. These remittances are a substantial provider of foreign currency, accounting for 3% of Kenya's GDP, and play an integral role in financing the country's current account deficit, bolstering the balance of payments, and maintaining the stability of the Kenya Shilling. Mudavadi reassured that the Government is committed to implementing a structured approach to diaspora engagements, focusing on active involvement, empowerment, and enablement.

Various actions have been taken to link diaspora policies with diaspora rights, aiming to connect and support Kenyans living abroad. These actions encompass dual citizenship, consular aid, voting rights, property rights, the ability to transfer social benefits, decreased transactional expenses, and simplification of bureaucratic processes. Mudavadi believes that the diaspora investment conference offers an opportunity to explore investments that are favourable to the diaspora and can contribute to a sustainable future for Kenyans residing overseas.

This assembly provides a crucial opportunity for networking and forming alliances that go beyond national boundaries. Additionally, it offers participants the opportunity to secure funding and partnerships with well-known financial institutions, which can greatly contribute to the advancement of the country's shared vision. Over the past year, the Ministry has made notable strides in fulfilling its obligations.

The Ministry has made a concerted effort to foster communication with stakeholders from different parts of the world, both in person and online. Additionally, they have actively supported the participation of diaspora communities in local investments and have made it easier for them to contribute to policy and legislative matters.