This archive report was first published on 25 December 2019.
Kenya Diaspora Alliance Global Chair Dr Shem Ochuodho addresses the annual Kenya Diaspora Homecoming Convention in Nairobi, attended by over 800 delegates residing in over 50 countries.
Kenya Diaspora Alliance has set an ambitious target to double diaspora remittances to $5 billion (Sh500 billion) by 2022, with a corresponding increase in investments and hard savings.
According to Central Bank of Kenya data, diaspora remittances have risen steadily since 2013 to reach $2,790 million (Sh279 billion) in the 12 months to November 2019.
Dr Ochuodho emphasized the need for diaspora residents to explore alternative investments beyond real estate, which has traditionally been the preferred investment avenue.
"We have so many opportunities for investment besides plots the diaspora only gets to be told about in terms of investment. We can invest in agribusiness, manufacturing and the stock exchange, our opportunities are endless," said Kenya North Diaspora Sacco Chairperson Lucy Mckenzie.
However, to boost investment in real estate, the government announced special tax waivers beginning next year, with any material for affordable housing in Kenya attracting a waiver of 16 per cent VAT (value added tax) starting in January 2020.
"The diaspora is known for plots and remitting $3 billion (Sh300 billion), but nothing bold exists to show. We need to be bold and create catalytic investments," said Jumuiya ya Pwani Chief Executive Emmanuel Nzai.
