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NEWS & CURRENT AFFAIRS

The Nairobian

Kenyans pitch to diaspora as firms eye linkages, remittance

Financial Standard

By Kamau Macharia | Jul 30, 2024

Local firms are looking for ways to link up with businesses owned by Africans abroad but also people of African descent, in an initiative that aims to boost investments in the country while providing credible opportunities for the diaspora.

A planned summit – the Year of Return to Africa Summit – that will take place in October in Nairobi is expected to play a key role in rallying Africans and Kenyans in the diaspora about investment opportunities in the country.

According to the convenors of the summit, the Year of Return to Africa Summit aims at bridging cultural business practices and leveraging the substantial economic power of the African diaspora.

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Ghana started the campaign with the inaugural year of return to Africa in 2019 and this was seen as a pitch by Africa generally to people of African descent to deepen ties in Africa through investments and tourism. It was championed by President Nana Akufo Ado.

Other than an invitation to the people of African descent to reconnect with their African heritage, the event also commemorated the 400th anniversary of the arrival of the first recorded enslaved Africans in the State of Virginia in the United States.

It set a precedent for African nations to reach out to their diaspora, encouraging deeper ties through investments and tourism.

Since the 2019 Yora, there has been an increase in the number of people of African descent making pilgrimages to Africa or generally touring and investing on the content. The convenors of this year’s Yora believe that Africans can further build on the momentum and further bridge the gap between local talent and global markets.

It is this consciousness that Kenya is this year seeking to further increase tourist numbers, investments from foreigners and remittance inflows.

“We are trying to enable people to understand the playbook, that is to understand how the Americans do their business, how we do our business and how we can bring that together. The African-American community controls trillions of US dollars, by themselves, they can actually drive the African GDP,” said Peter Kegode chief executive Abana International and one of the convenors of the Yora Summit that will take place on October 8 and 9.

“We are working with US Black business chambers of Commerce and they have over 45,000 businesses that they work with across America. We are working with other Africa Diaspora groups including those in the Caribbean.”

The convenor has assembled big names from across different industries who are set to speak at the Summit but also lead delegations from different countries.

Among them is Peter Macon, the renowned actor, who has already expressed interest in working with Kenyan creatives in different areas including the possibility of setting up a studio in the country.

The Emmy Award winner has starred in many blockbuster films including the Kingdom of the Planet of Apes that was released in May this year.

“It is an opportunity to get together with actors,workshop, work on material and share stories in an international format,” said Macon, who will hold a masterclass for local actors at the summit.

“My hope is that we can brainstorm our way into a possible future where there is a facility and permanent place where actors, writers and other creatives can have a space where they can get together and work out concepts and ideas. Hopefully we can get some funding and make that a reality.”

Also among those who will be delivering keynote speeches a the Yora summit is Dr Marlene Street Forrest, the Managing Director Jamaica Stock Exchange, who noted that there is an urgent need to bridge the gap between African entrepreneurs and investors from all over the world. She added that there is also a need to connect people and create an understanding of how Africa is ripe with opportunities.

“Summits like this are vital for sharing ideas and understanding Africa’s vast opportunities,” she said.

“There are a lot of young people who have innovative ideas but have no marketing platforms and right connections, yet we have the resources and the potential, we just need to hold their hands.”

She added that the likely outcomes of the conference would be relationships being forged and innovators linking up with the right partners that would lead to capital inflows.

“I also expect that others see Africa as a destination for investments and that there will be connections between Africa and other people with a basic culture and history such as the Caribbean,” she said.

This is even as the convenors noted that there is a need for the government to foster a conducive business environment, through favorable taxation, robust infrastructure and streamlined reintegration processes.

“When Kenyans come back, what are they looking at? They mostly look at real estate. What kind of real estate is being done and is sit conducive to them and provide the kind of comfort they require because their worry has been whether their money is safe when sent to a relative or will I get a fake title document,” Cliff Mukulu, a Financial Services Practitioner.