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Tel : UK 44 7775 648 858 WhatsApp
consulting@fdiweek.com
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consulting@fdiweeek.com
Tel : UK 44 7775 648 858 WhatsApp

DISPORA DEVELOPMENT – DIASPORA A FORCE FOR ECONOMIC DEVELOPMENT

The Diaspora represents a huge untapped potential for many economies around the world. We advise Governments, donors, MFIS and IFIs on strategies to develop and leverage the Diaspora for economic development.   

The diaspora, or the population of a country residing outside their homeland, plays a significant role in contributing to the economies of their countries of origin through remittances and investments. Remittances, which are the funds transferred by migrant workers to their home countries, are a crucial source of income for many developing nations. Here is an overview of the significance of the diaspora and the approximate remittances sent annually by some of the major diaspora communities:

  1. India:
    • India has one of the largest diaspora populations in the world, estimated at around 17.5 million people.
    • In 2022, India received over $89 billion in remittances, making it the world’s largest recipient of remittances.
    • The Indian diaspora is concentrated in the United Arab Emirates, the United States, Saudi Arabia, and other Gulf countries.
  2. Bangladesh:
    • Bangladesh has a diaspora population of around 7.8 million people.
    • In 2022, Bangladesh received approximately $22 billion in remittances, which accounted for around 6% of the country’s GDP.
    • Major destinations for Bangladeshi migrants include the Gulf Cooperation Council (GCC) countries, Malaysia, Italy, and the United States.
  3. Pakistan:
    • The Pakistani diaspora is estimated to be around 8 million people.
    • In 2022, Pakistan received around $31.2 billion in remittances, which constituted over 8% of the country’s GDP.
    • The top destinations for Pakistani migrants include the United Arab Emirates, Saudi Arabia, the United States, and the United Kingdom.
  4. Nigeria:
    • Nigeria has a diaspora population of around 1.7 million people.
    • In 2022, Nigeria received approximately $19 billion in remittances, accounting for around 3.5% of the country’s GDP.
    • Major destinations for Nigerian migrants include the United States, the United Kingdom, Italy, and Canada.
  5. Mexico:
    • The Mexican diaspora is one of the largest in the world, estimated at around 12.3 million people.
    • In 2022, Mexico received over $51 billion in remittances, making it the second-largest recipient of remittances globally.
    • The majority of Mexican migrants reside in the United States, with smaller communities in Canada, Spain, and other countries.

Other countries with significant diaspora communities and remittance inflows include:

  • The Philippines: Received around $34 billion in remittances in 2022, with a diaspora population of around 10.5 million.
  • Egypt: Received around $31.5 billion in remittances in 2022, with a diaspora population of around 9.5 million.
  • Vietnam: Received around $18.1 billion in remittances in 2022, with a diaspora population of around 4.5 million.

Remittances from the diaspora communities play a vital role in supporting the economies of their home countries by providing a source of foreign exchange, contributing to poverty reduction, and supporting household consumption and investment. In addition to remittances, diaspora communities also contribute to their countries of origin through investments, knowledge transfer, and advocacy efforts.

GOVERNMENT DIASPORA SOLUTIONS

Our Diaspora Consulting work has potential for significant economic impact. Diaspora Consulting Services are a from USD$2 000 000-00  – USD$5 000 000-00 annually as a minimum. An initial Country report can be generated  in a 12 Week engagement, the fee being pro rate of the annual fee. In all cases we work with partners in country as well and experts with deep sector and country knowledge locally, regionally and internationally.

The value of our services qualify under corporate ESG and as such we can work with the Office of The Head State to engage leading corporates in country to fund the work in cases where Governments may lack the resources.  We only work with committed Governments through a whole of Government approach led by the Office of The Head of State.

  1. Creating Impartial Diaspora Platforms and Networks:
    • We establish politically impartial and highly professional platforms aimed at addressing strategies for economically and socially empowering the diaspora.
    • These platforms serve as a unifying force, bringing together the diaspora community without any political affiliations or biases.
    • By maintaining an impartial stance, we encourage broader participation and engagement from the diaspora, who may otherwise be hesitant to engage with platforms perceived as aligned with particular political factions.
    • Our platforms focus on creating opportunities for the diaspora to contribute to the development of their home countries through various economic and social initiatives.
  2. Diaspora Professional Leverage Platform:
    • We consult with governments on strategies to empower their diaspora by providing access to better-paid professional opportunities.
    • Our approach involves educating the diaspora about available opportunities, facilitating knowledge sharing, and arranging internships to further their professional development.
    • We collaborate with host governments and international corporations to persuade them to offer internships and job opportunities to the diaspora community.
    • Through the Office of the Head of State, we work with host governments to encourage international companies operating within their borders to provide internships and job opportunities for their citizens abroad.
    • Our platform assists the diaspora in accessing well-paying jobs, particularly in sectors like healthcare, nursing homes, and security, where they often face challenges in advancing their careers due to limited knowledge and access to better opportunities.
  3. Diaspora Bridge:
    • The Diaspora Bridge is a strategy aimed at enabling the diaspora to access credit and mortgage facilities to build property, launch businesses, or invest in existing businesses in their home countries.
    • This initiative requires support from various institutions, including the World Bank, the International Finance Corporation (IFC), development banks, and donors.
    • Through smart engagement and by fostering confidence in good governance practices by partner governments, we unlock hundreds of millions to billions of dollars in investment potential for host governments.
    • The Diaspora Bridge facilitates the flow of remittances and investments from the diaspora community, contributing to the economic development of their home countries.
  4. Diaspora Bonds:
    • Building upon the trust and scale established through the above initiatives, we consult with partner governments on the possibility of issuing Diaspora Bonds.
    • Diaspora Bonds are a financial instrument that allows governments to raise funds from their diaspora communities for specific development projects or infrastructure initiatives.
    • We collaborate with partner financial experts to develop, promote, and launch Diaspora Bonds, enabling partner governments to unlock hundreds of millions to billions of dollars from their diaspora.
    • This investment vehicle strengthens the emotional and financial connections between the diaspora and their home countries, while also providing a secure investment opportunity for the diaspora community.

Our comprehensive approach involves creating impartial platforms, empowering the diaspora professionally, facilitating access to credit and investment opportunities, and exploring the potential of Diaspora Bonds. By leveraging the diaspora’s economic and social potential, we assist governments in harnessing the valuable contributions of their overseas communities for the betterment of their home countries.

Lets Talk

Contacts

Telephone
Tel :  44 7775 648 858

Email
consulting@fdiweek.com 

Direction
Landsdowne House
Berkeley Square, Mayfair, 
London W1J 6ER, United Kingdom

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