Ethiopia Wants to Attract Diaspora Investments

By Staff Reporters April 8, 2011 (Ezega.com) - The Ethiopian Government is looking to attract its Diaspora to seek their participation in developmental activities back home. With more than three million Ethiopians living overseas, Ethiopia hopes to attract good investments from this pool. The World Bank has offered 8.1 million Birr to attract Africans residing on foreign lands to contribute to the development activities back home. According to Tesfaye Wolde, Ethiopian Diaspora Information and Research Directorate director, Ethiopia would use the World Bank support to organize standard database about Ethiopians living abroad. Meanwhile, to attract non-resident Ethiopians, the government has initiated a dialogue about Growth and Transformation Plan in North America and Europe, wherein key ministers of the Meles regime would hold town hall meetings on April 9 and 10 in 14 cities in North America. Through the dialog, the administration aims to convince the Ethiopian Diaspora to contribute to the development efforts in their home country. A World Bank report says that the Ethiopian Diaspora contributes $3 billion in remittances annually to their home country. However, through the new initiative, the government wants to encourage overseas Ethiopians to boost foreign currency reserves in their home country. The government is also encouraging them to buy state-owned bonds. The government’s urgency reflects the present economic situation in the country, faced with serious budget deficit, inflation, and devaluation of currency. The present economic crisis can be improved through foreign currency and investment. Therefore, the government of Mr. Meles Zenawi is trying to ensure that overseas Ethiopians come back to their home country and contribute to its development. Aim of GTP The government looks forward to encouraging overseas Ethiopians to contribute to sustainable development and equitable growth in their country of origin. This is truly the mission of the GTP, that is, poverty alleviation and sustainable development in the country. Besides, the GTP is aimed at promoting equitable growth and helping the country become a middle income economy. The GTP would become a pillar of national growth and end people’s depravity by providing them equal opportunities. Under the GTP, the government aims to ensure that the country implements development projects, infrastructure expansion, maintenance of roads, electrification, and constant water supply.Infrastructure development will help create job opportunities for a large section of unemployed youth. Convincing the Diaspora would be no easy task for the Ethiopian Government, according to some. To attract the Ethiopian Diaspora, the government must end corruption and encourage its overseas citizens that their hard-earned money would reach where it is directed to.