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Plan to offer incentives to Zimbabweans in the diaspora

by Staff reporter
28 May 2024 at 09:39hrs | Views
Efforts are underway to develop financial instruments that incentivize the diaspora community to invest back home, ensuring profitability and ease of investment. 
The Ministry of Foreign Affairs and International Trade, in collaboration with the Reserve Bank of Zimbabwe (RBZ), is working to establish these instruments, according to Foreign Affairs and International Trade Minister, Ambassador Frederick Shava.
Speaking before the Parliamentary Portfolio Committee on Foreign Affairs and International Trade, Ambassador Shava discussed how the country's foreign policy impacts the National Development Strategy 1 (NDS1).

Ambassador Shava indicated that this figure could surpass US$1.873 billion if attractive investment opportunities were provided to Zimbabweans living abroad.

"I discussed with the RBZ Governor the need for investment instruments tailored for the diaspora, allowing them to invest their money in bond facilities rather than sending it directly to relatives. This would make only the interest available to their families, potentially increasing the diaspora's contribution to GDP beyond the current US$2 billion annually," said Ambassador Shava.

Ambassador Shava emphasized that Zimbabweans abroad can contribute to national development without physically returning, utilizing embassies as points of contact for updates and interactions. He also noted that President Mnangagwa engages with the diaspora during his foreign travels to discuss opportunities available in Zimbabwe.

Source - The Herald
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