Business News
Investment authority to woo diaspora
A construction site. The authority has pointed out real estate and the social sector as some of the areas the diaspora can contribute to and profit. Photo/REUTERS
Posted Thursday, September 9 2010 at 16:33
Kenya Investment Authority is planning to supply information on the newly-created counties to Kenyans in the diaspora, in a bid to increase their investment in the country.
The authority has laid out a strategy to ensure citizens out of the country work closely with Kenyan embassies and also link them with local companies like banks, insurance companies, and investment banks.
With the counties in need of development, the authority has pointed out real estate and the social sector as some of the areas the diaspora can contribute to and profit.
“A lot of investment has been done in Nairobi and other urban places. With the creation of counties, we will be announcing investment opportunities available in those areas,” said Mr Ken Manyala, GM investing marketing and promotion, KenInvest.
He was speaking during the Kenya diaspora investment conference held on Thursday, where he addressed representatives of organised diaspora groups and other service providers.
According to CBK figures, diaspora remittances in July amounted to USD 50.7 million (about Sh4.1 billion) but statistics have shown that most of the money goes towards consumption by relatives rather than investment.
KenInvest says the major hindrance to diaspora investments has been the lack of an effective mode of remitting money and ensuring it goes to a profitable economic activity. “Many people send it through relatives and sometimes end up being deceived,” said Mr Manyala.
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Submitted by LeonardMPosted September 24, 2010 08:42 PM
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Submitted by AfricanAmerican
Woo the diaspora with a diaspora bond, and make quarterly trips to the embassies in the US and UK to sell them. Cash, cheque, or charge card. Don't overthink it, just do it. Make it happen. Bring the paperwork, take the money home, Fedex the bonds. Done and DONE.
Posted September 11, 2010 08:15 PM -
Submitted by eliamu
The move by KIA to encourage we that live in diaspora to invest back at home is not only brilliant but also highly welcome. I however feel that we should not only be involved in investments but also in other issues of national importance, for instance voting. Some countries like Rwanda already have a system where those living abroad can participate in elections but our country seems to lag behind in such an important matter.
Posted September 10, 2010 11:15 AM -
Submitted by kenyanpatriotabroad
The money used by our relatives back in Kenya enters into and benefits the economy through consumption tax.We now need to think of the investment option but I must say Kenyan embassies abroad are lackluster,indolent and just not equipped to facilitate this as suggested in this article.
Posted September 10, 2010 08:20 AM -
Submitted by Iroja
Yes, we in the diaspora want to invest in Kenya but some of us do not trust the NSE. We work very hard to earn dollars and we would love it if we can safely invest them in our country.
Posted September 10, 2010 01:27 AM
RSS
Equity Bank initiated a working arrangement with Citibank to facilitate transfers for investment. Private sector should respond by registering reliable investment companies and regularly inform/update the diaspora through diaspora organisations of the available options for various income groups.Also the concept of investment clubs for people with similar interests and persuasions is worth encouraging. My friends and I are doing this already.