Zimbabwe diaspora remittances up 18%

The Zimbabwean government's engagement with its diaspora community has resulted in an 18% increase in remittances in the first quarter of the year compared to the same period last year. This achievement was highlighted by Foreign Affairs and International Trade Deputy Minister Sheila Chikomo at the Matabeleland South Hybridge Investment Conference in Beitbridge, which drew nearly 400 stakeholders.

The event, themed "Matabeleland South Province - Unlocking New Investment Frontiers through Diaspora Community Engagement," aimed to transform provinces into dynamic economic hubs and was part of the government's devolution agenda. It featured both physical and virtual participation, allowing for broad involvement from the Zimbabwean diaspora and investment stakeholders.

Deputy Minister Chikomo emphasized the government's efforts to resolve diaspora issues through a "Whole of Government Approach" and the establishment of a working party to handle diaspora inquiries. Financial remittances for 2024 are expected to surpass the $1.8 billion received in 2023, with $494 million already received in the first quarter of 2024.

She encouraged Zimbabweans abroad to invest in productive sectors at home and highlighted the introduction of the new gold-backed ZiG currency, which has been praised for its stability by international organizations like the IMF. The government is committed to achieving Vision 2030, aiming to become an upper middle-income society through synergies with the diaspora community.

The conference also underscored the importance of diaspora associations for better communication and support. Deputy Minister Chikomo stressed the significance of "Know Your Diaspora" profiling to integrate Zimbabweans abroad into national development programs effectively. This initiative, supported by the International Organisation for Migration, has already conducted successful surveys in the UK, US, and South Africa to inform the government about diaspora concentrations.