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Minister Mpofu

Business Reporter
CABINET is expected to adopt the country’s National Diaspora Policy which will encourage Zimbabweans in the Diaspora to invest back home and make use of the expertise they would have gained over the years in other countries for economic development.

The policy will ensure effective participation of Zimbabweans outside the country in national development.

This is in line with the country’s economic blue-print Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset) which encourages investments and remittances from the Diaspora.

The policy which was unveiled in September will ensure that Zimbabweans receive remittances from the Diaspora to support the country’s productive sector.

In 2014, Diaspora remittances amounted to more than $1,8 billion to contribute about 15 percent of the country’s Gross Domestic Product.

Macro-Economic Planning and Investment Promotion Minister, Dr Obert Mpofu said that Diaspora engagement was important.

Minister Mpofu could not be drawn into revealing the contents of the draft policy saying it will soon be presented to Cabinet for approval.

“I will present the document before Cabinet for approval but basically we want the Diasporans to be involved in investment and economic activities currently underway in the country,” he said.

The Herald Business understands that Government has lined up Diaspora Engagements Conferences in South Africa, Australia and United Kingdom to engage more than 2 million Zimbabweans resident in those countries.

Minister Mpofu said the policy is meant to harness and maximise the potential of the Diaspora to contribute to the country’s economic recovery.

Thousands of Zimbabweans in the Diaspora are running multinational corporates while others have gained a lot of experience, skills and knowledge.

The policy will give incentives to the Diaspora community to invest back home.

Minister Mpofu said, Government has already partnered International Labour Organisation which has enormous experience in encouraging Diasporans to invest back to their countries.

The policy is expected to increase Diaspora remittances because there will be trust between Government and Zimbabweans outside the country.

Dr Mpofu said the interests Diasporans have shown to invest back home was commendable.

“Several Diasporans have already established investments in the country and we hope that through this policy concrete deals will be sealed with Diasporans for the betterment of our country,” he said.

Several countries like Ethopia and Mexico have benefited from their Diasporans for their economic development.

Ethopia established formal mechanisms to encourage and facilitate Diaspora engagement and setting up specific departments which deal with Diasporans.