Nairobi to host major diaspora investment conference in December

Shem Ochuodho

Chairman of the Kenya Diaspora Alliance Dr Shem Ochuodho (left) with Kenya's Ambassador to US Lazarus Amayo. Dr Ochuodho is currently on a working tour of the US to meet the Kenyan diaspora community ahead of investment conference in December.

Photo credit: Pool

Kenyans in the diaspora are now seeking investment opportunities in the country as opposed to remitting funds for consumption to local relatives.

A caucus of Kenyans living in the diaspora has already planned a three-day investment conference seeking to enlighten Kenyans living abroad on smart and secure approaches to saving and growing the value of their savings.

The chairman of the Kenya Diaspora Alliance Dr Shem Ochuodho says that the conference to take place in Nairobi in December will be significant in exposing different channels of remitting money back home safely and in affordable ways.

“It will also help create awareness of initiatives underway for investment in the continent as we seek to engage different economic experts and remittance experts as well as drivers and stakeholders in county, national, regional and continental development to speak about the opportunities available for diasporas to invest in back home,” said Dr Ochuodho.

Diaspora remittance

The Central Bank of Kenya in June this year reported that diaspora remittance inflows to Kenya as at May 2022 stood at US$ 339.7 million compared to US$ 315.8 million in May 2021, a 7.6 per cent increase.

According to the CBK report, the cumulative inflows for the 12 months to May 2022 totaled US$ 3,992 million compared to US$ 3,365 million in the same period in 2021, an increase of 18.6 per cent.

Dr Ochuodho argues that investment opportunities will now be vital as opposed to Kenyans living abroad just sending money for consumption and subsistence to their relatives.

He noted that many diasporas want to return home but without proper investments to sustain them in their sunset years, there is nothing to return to and so many of them remain stuck in their migrant nations until their demise.

Increase remittances

“We believe that investing back home will not only elevate a sense of pride, but also significantly increase remittances for posterity,” he added.

The alliance that has a membership of over 250,000 Kenyans living abroad has today trained its eyes on investment opportunities in counties by partnering with devolved units with a target of doubling the remittances to the country.

The upcoming event will also be a platform of encouraging Kenyans living abroad to develop and take advantage of interventions that are opening up new opportunities for diasporas to take up, like the African Continental Free Trade Agreement.

While the event has been conducted mostly in person, the Covid-19 pandemic pushed for innovation that since 2020 led to a double-hybrid event with hitherto 400 participants attending physically and thousands attending virtually from all across the world.

The event is targeting national and county governments, regional economic blocs, business community, service providers to diaspora and other stakeholders.

Kenyans in the diaspora are now seeking investment opportunities in the country as opposed to remitting funds for consumption to local relatives.

A caucus of Kenyans living in the diaspora has already planned a three-day investment conference seeking to enlighten Kenyans living abroad on smart and secure approaches to saving and growing the value of their savings.

The chairman of the Kenya Diaspora Alliance Dr Shem Ochuodho says that the conference to take place in Nairobi in December will be significant in exposing different channels of remitting money back home safely and in affordable ways.

“It will also help create awareness of initiatives underway for investment in the continent as we seek to engage different economic experts and remittance experts as well as drivers and stakeholders in county, national, regional and continental development to speak about the opportunities available for diasporas to invest in back home,” said Dr Ochuodho.

Diaspora remittance

The Central Bank of Kenya in June this year reported that diaspora remittance inflows to Kenya as at May 2022 stood at US$ 339.7 million compared to US$ 315.8 million in May 2021, a 7.6 per cent increase.

According to the CBK report, the cumulative inflows for the 12 months to May 2022 totaled US$ 3,992 million compared to US$ 3,365 million in the same period in 2021, an increase of 18.6 per cent.

Dr Ochuodho argues that investment opportunities will now be vital as opposed to Kenyans living abroad just sending money for consumption and subsistence to their relatives.

He noted that many diasporas want to return home but without proper investments to sustain them in their sunset years, there is nothing to return to and so many of them remain stuck in their migrant nations until their demise.

Increase remittances

“We believe that investing back home will not only elevate a sense of pride, but also significantly increase remittances for posterity,” he added.

The alliance that has a membership of over 250,000 Kenyans living abroad has today trained its eyes on investment opportunities in counties by partnering with devolved units with a target of doubling the remittances to the country.

The upcoming event will also be a platform of encouraging Kenyans living abroad to develop and take advantage of interventions that are opening up new opportunities for diasporas to take up, like the African Continental Free Trade Agreement.

While the event has been conducted mostly in person, the Covid-19 pandemic pushed for innovation that since 2020 led to a double-hybrid event with hitherto 400 participants attending physically and thousands attending virtually from all across the world.

The event is targeting national and county governments, regional economic blocs, business community, service providers to diaspora and other stakeholders.

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