Government has praised the significant role played by the diaspora in driving investment, transferring knowledge, fostering entrepreneurship, and sparking innovation, each of which contributes to national development.
Speaking at the International Business Exchange, Conference in Lusaka today, Minister of Foreign Affairs and International Cooperation, Mulambo Haimbe, highlighted that diaspora remittances have become a vital source of foreign exchange, often exceeding Foreign Direct Investment in many developing nations.
The event was held under the theme, “Redefining Diaspora: Connecting Businesses and Unlocking Zambia’s Economic Potential.”
Mr. Haimbe pointed out that, according to the World Bank, remittances to Sub-Saharan Africa reached $54 billion in 2023, with Zambia receiving an estimated $350 million annually from its diaspora.
“Research indicates that for every $1 million invested by the diaspora, up to 200 direct and indirect jobs are created, particularly in critical sectors,” said Mr. Haimbe in a statement issued to RCV News.
The Minister emphasized that these figures demonstrate that the Zambian diaspora is not only an essential economic lifeline but also a key driver of long-term, sustainable development.
By Christabel Kamunu
