The government has pledged to put in place structures to make it easier for Kenyans in the diaspora to invest back in the country in a fresh bid to woo investments from the diaspora community.
Kenya Diaspora Alliance Chairperson Dr Shem Ochuodho has made a plea to the government to focus on improving the welfare of Kenyans in abroad to enable them invest heavily back at home.
“Kenyans in diaspora are ready to invest their money back home. There need to be focus on improving the investment environment to attract them,” said Dr Ochuodho.
He was speaking at the 10th Annual Kenya Diaspora Homecoming Convention held at Safari Park Hotel in Nairobi.
At the event, Diaspora Affairs, Principal Secretary, Roslyn Njogu said the Kenya Kwanza administration has stepped up efforts to make the environment for investment better for Kenyans in diaspora.
“We are calling on Kenyans to think about what new business opportunities they are bringing into the country. Kenyans abroad should think of technology transfer as new fronts they can bring into Kenya from their host countries,” she said.
Njogu said they have received concerns from Kenyans abroad decrying the high cost of sending money back to the country.
She pledged to engage all stakeholders in the diaspora money transfer sector to ensure that the cost is manageable.
“The concern we have noted from the diaspora is the high cost of sending money back home. We want more Kenyans abroad to keep sending money back home so that we develop our economy,” Njogu said.
Currently, the foreign and diaspora ministry is in the process of setting up and securing systems for Kenyans in diaspora to obtain jobs that suit their qualifications.
Dr Ochuodho exuded confidence that the steps laid down by the government to improve the welfare of Kenyans in the diaspora will improve remittance in the country.
“I am confident that the steps being undertaken by the government to improve the welfare of Kenyans living abroad by the government will bear fruits and see the doubling of remittances,” said the chairperson of the Kenya Diaspora Alliance.
Dr Ochuodho said that tapping into diaspora remittances can boost the economy of the country at a time when Kenyans are struggling with the high cost of living.
He said the tough economic times in the country can be rescued by leveraging ion diaspora remittances. He wants the government to place a favourable environment for investment opportunities to woo Kenyans abroad into investing in the country.
“We are seeking to convince the government that it is Kenyans in the diaspora who can rescue our economy during tough times if a better investment environment is in place,” said Dr Ochuodho.
United States Ambassador to Kenya Meg Whitman lauded the Kenya Diaspora Alliance for organising the conference. She encouraged Kenyans abroad to invest back in the country.
According to CBK Diaspora Remittances Surveys, inflows to the East African nation, considered to have the largest economy in this region, has increased tenfold over the past decade, reaching an all-time record of $4.027 billion (KSh559.57 billion) in 2022.
The investment conference will for the first time recognise achievements of Kenyans living abroad with rewards. It will be the launch of the 2023 Diaspora Awards that aims at celebrating and recognising the remarkable contributions and achievements of individuals from diverse Kenyan diaspora communities across the world.
“The Kenya Diasporas Alliance recognizes the awards as a beacon of acknowledgement for individuals who have not only demonstrated excellence, innovation, and impact but have also showcased the positive influence of diaspora communities on a global scale,” said Dr Ochuodho.
The annual networking and partnership event brings together Kenyans living and working abroad to celebrate the year that has passed, network, make projections, and receive updates on upcoming opportunities and activities.