Kenyans abroad converge in Nairobi to discuss role of remittances in economic revival

This is an annual event that brings together Kenyan Diaspora from all over the world for celebration of the year gone by, networking, updates on KDA events and any upcoming opportunities and initiatives.

Building on the success of past events, this year’s Convention is set to bring together leading diaspora leaders and local captains of industry, and seeks to spur a conversation about how to leverage diaspora remittances for the economic growth of the country, the region and the Continent.

With the remittances being made by Africans to their home-countries, the right channeling of these funds would lead to exemplary empowerment of rural and urban poor communities for overall economic growth of nations.

The event will be a ‘Double Hybrid’ in the sense that it shall be both Conference and Expo/Exhibition, as well as In-person/Physical and Virtual, using cutting-edge virtual reality technology.

The overall objective of the event is to sensitize diasporas on the opportunities available for them to invest back home as opposed to just sending money for consumption and subsistence. We seek to use this forum to reassure diasporas of safeguards already in place for their investments as well as considerations and efforts being made to further secure their interests and remittances.

The Kenyan diaspora play an essential role in the country’s socio-economic fabric; many run businesses inside and outside Kenya, or own properties from their overseas bases. They remit over US$ 3.3 billion annually into the economy.

The Convention brings together the largest assembly of diaspora, business leaders, opinion shapers, government representatives, industry and academia. In compliance with COVID-19 protocols, the event will host 100-150 participants physically, among them eminent diaspora and representatives from government (legislature, judiciary, and executive – both at national and county levels), private corporates (local as well as multinational), media, academia, civil society and development partners. Thousands more will participate virtually.

The sessions will deepen conversations around Smart/Secure Investments, Project Finance, Trade Finance, Diaspora Cooperatives, Foreign Direct Investments (FDI), Public Private Partnerships (PPPs), Rural/Cottage Industries, ‘Mama Mboga’ Diaspora Fund, Creative Industries, Agribusiness, Green Energy, IT-enabled services (ITES), Affordable Housing, Climate Smart Fund, Health/COVID-19 Interventions, Traditional Foods and Medicines, and Emerging Opportunities like the AfCFTA, Blue Economy, Natural Resource Management, etc. Some of these are critical in attainment of the UN SDGs, AU’s Agenda 2063, and Kenya Government’s long-term vision.

The Convention offers a platform to facilitate consultative, immersive interaction between the diaspora and other stakeholders, and creates awareness on investment opportunities (both at national and county levels), in line with government plans and policies (e.g., the National Diaspora Policy, Big 4 Agenda and Vision 2030).

Speaking about the event, KDA’s Global Chair Dr. Shem Ochuodho said that the event has grown over the past 8 years, with notable diaspora remittance into the country.

“When we first convened in 2014, the inflows stood at KSh 100 billion a year, and one of the stated goals was to redouble it in 5 years. That this target has been way surpassed confirms commitment, loyalty, emotional attachment and faith diaspora have in the motherland. They deserve reciprocation. The main goal of the Convention is to bring together the diaspora community to be part of Kenya’s economic, cultural and social fabric. While we focus on investments in the country, it is key to appreciate that the forthcoming transition offers diaspora voice to also count,” said Dr. Ochuodho.