The second edition of the Diaspora Investment Conference and Homecoming Event in Zimbabwe recently brought together hundreds of participants, both physically and virtually, to explore avenues for investment and contribute to the country’s economic growth. Hosted in Masvingo, the conference was attended by approximately 400 individuals, showcasing a strong commitment to Zimbabwe’s development.
In his opening remarks, Foreign Affairs and International Trade Minister Dr. Frederick Shava emphasized the importance of diaspora investment in promoting economic development. He commended the diaspora community for their significant remittances, which totaled US$1.8 billion last year, surpassing other forms of investment such as foreign direct investment and portfolio investment. Dr. Shava highlighted the government’s efforts to create a conducive investment climate for diasporans, including the introduction of the ZiG currency backed by precious minerals and foreign currency reserves.
Minister Monica Mutsvangwa of Women Affairs, Community Development, and Small and Medium Enterprises Development also lauded the diaspora for their commitment to the country’s development. She praised the attendees’ dedication and highlighted the government’s commitment to creating mutually beneficial platforms and policies to facilitate diaspora engagement.
The conference, aligned with the National Development Strategy 1 (NDS1), focused on enhancing the participation of Zimbabwe’s diaspora in national development initiatives. Speakers from various ministries, departments, and agencies addressed attendees on investment opportunities available in the country, ranging from agriculture and mining to infrastructure development and export marketing.
One of the key highlights of the conference was the presentation of investment opportunities, including packaging of finished products, a growing industry worth US$100 million in Zimbabwe. This initiative enables locals to retain a significant portion of the value chain, promoting economic empowerment and sustainability.
Marshall Gore, Entrepreneur and Diaspora Cluster Coordinator of the Zimbabwe UK Embassy, echoed the sentiments expressed at the conference. He emphasized the importance of such events in bridging the gap between Zimbabweans abroad and investment opportunities in their homeland. Gore highlighted the role of the conference in fostering collaboration and partnership between the diaspora and local stakeholders, ultimately contributing to Zimbabwe’s economic development. As a representative of the diaspora community, Gore expressed optimism about the future prospects of diaspora engagement and reiterated his commitment to supporting initiatives that drive growth and prosperity in Zimbabwe.
Attendees expressed interest in various fields, with a particular focus on agriculture and infrastructure development. Mr. Ernest Marimbe, based in Texas, USA, urged the government to update agriculture equipment that could be imported into the country duty-free, highlighting the importance of modernizing agricultural practices.
Furthermore, Mr. Tatenda Zinyemba, a Netherlands-based economist, emphasized the willingness of Zimbabweans abroad to share their knowledge and skills for the country’s benefit. He expressed a desire to collaborate with the government to leverage diaspora expertise effectively.
Philip Chabata, a Zimbabwe Diaspora Investor based in the USA, highlighted the importance of government consultations with the diaspora community on matters and policies concerning them. He raised concerns about the need for more progressive ambassadors and efficient organizations like ZIDA (Zimbabwe Investment and Development Agency). Chabata lamented delays in the approval process for diaspora investment projects and called for greater transparency and accountability within government institutions. He emphasized that government institutions must serve the interests of all citizens for the country to succeed, urging officials not to divert investors to personal connections but to prioritize national development.
The conference concluded with a sense of optimism and determination to harness the potential of Zimbabwe’s diaspora for sustainable economic development. As the government continues to review policies and create opportunities for diaspora engagement, the conference serves as a testament to the vital role of diaspora investment in shaping Zimbabwe’s future prosperity.
