The Commonwealth Secretariat is working with the Governments of Bangladesh, Fiji, Ghana, Jamaica, Kenya and Nigeria to encourage Commonwealth diasporas to save and invest in their family’s country of origin.
Migration has been one of the key pillars upon which the association of Commonwealth members has been built and has resulted in a large Commonwealth diaspora. The dramatic growth in remittances over the last 15 years shows diasporas are committed to supporting family and friends back home.
Even so, much more can be done to increase diaspora finance and channel it to more productive assets.
A recent report by the Commonwealth Secretariat Financing the Sustainable Development Goals with Diaspora Investment estimates that an additional US$73 billion per annum could be raised and invested by Commonwealth migrants and their children to advance economic and social development in their homeland. This is equivalent to half of all current remittances to Commonwealth countries and roughly $30 per annum for each Commonwealth citizen globally.
Certain Commonwealth countries have already made considerable strides to attract this investment from their diasporas, while other countries are looking for new ways to raise this finance, which has proved to be less expensive and more reliable than other external financial flows.
The High Commissioner of Fiji and Chair of the Commonwealth Research Steering Committee for Diaspora Investment, Mr Jikoto Tikolevu, said “We are pleased to be working with the Commonwealth Secretariat on this important matter. Encouraging diaspora investment is a key priority for the Government of the Republic of Fiji and the High Commission”.
The Commonwealth Secretariat is supporting six Commonwealth countries to explore the interest of migrants and diasporas based in the UK to invest in the family’s country of origin.
Commonwealth Secretary-General, Patricia Scotland, said “This is a crucial project to support our member states to attract more investment to finance the sustainable development goals and fast-track development.”
If you are living in the UK and are of Bangladeshi, Fijian, Ghanaian, Jamaica, Kenyan or Nigerian descent – either directly or through your parents or grandparents – we are eager to hear your views on investing and saving in these countries.
The results of this survey will inform a Commonwealth Secretariat programme to directly assist our member states in attracting diaspora investment, and will eventually be rolled out more generally across the membership.
Please note: Your survey answers will help us find ways to make it easier to invest or save abroad. Your responses will be protected by EU data security laws, and will be completely anonymised at analysis and reporting stages.