Mnangagwa Highlights Crucial Role of Diaspora Remittances in Zimbabwe’s Economic Stabilization

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SEOUL,– President Emmerson Mnangagwa has openly acknowledged the significant impact of financial remittances from Zimbabweans living abroad in revitalizing and stabilizing the country’s economy.

Addressing the Diaspora Engagement Meeting in the Republic of Korea, the Zanu PF leader emphasized the pivotal role played by the diaspora community in supporting Zimbabwe’s economic recovery.

President Mnangagwa underscored that financial remittances from the diaspora have become a critical source of foreign currency, second only to mining.

“May I highlight that diaspora contributions, through financial remittances, have played a significant role in the resuscitation and stabilization of our economy,” he stated.

“Remittances are now the second-largest source of foreign currency inflows into the country after mining. Financial remittances for the year 2024 are on course to surpass the US$1.8 billion received in 2023.”

Emphasizing the importance of self-reliance and collective development, Mnangagwa reminded his audience of the enduring spirit of the Great Munhumutapa, which calls for the nation to be built by its own people.

“The land is built by its own people, the country is developed by its own citizens (Nyika inovakwa nevene vayo, ILizwe lakhiwa ngabanikazi balo) is the philosophy that must always guide us as a nation and the descendants of the Great Munhumutapa, no matter where we may find ourselves,” he said.

The president encouraged Zimbabweans in Korea to contribute to the country’s development by sharing their views and participating in national initiatives. “You are therefore encouraged to openly share your views and come forward to play your part in the development of our beloved motherland,” he urged.

Reflecting on the progress made since the inception of the Second Republic, Mnangagwa reiterated his commitment to engaging with citizens both at home and abroad. He highlighted the government’s dedication to building a prosperous and empowered upper-middle-income society by 2030.

“We remain guided by our common and shared desire to see our country prosper and fellow citizens realizing a higher quality of life. You are, therefore, encouraged to openly share your views and to come forward to play your part, individually and collectively, as we build the Zimbabwe we want,” he added.

Mnangagwa praised the patriotism and loyalty of Zimbabweans abroad, noting their continued dedication to their homeland despite being thousands of miles away.

“Your presence here is indicative of the patriotism, love, loyalty, and pride you have in your identity as Zimbabweans. This is despite the fact that you are thousands of miles away from home. Well done, keep on flying our Zimbabwe flag high in this faraway land, within the organizations you are attached to.”

He assured that his government is committed to creating an inclusive environment that allows all Zimbabweans, whether at home or abroad, to actively participate in the nation’s economic growth and development.

“Government is creating an enabling environment for all Zimbabweans, both at home and in the diaspora, to actively participate in all sectors of the economy. This is the independence, freedom, sovereignty, and right to be masters of our own destiny that many sons and daughters of our country sacrificed their lives for,” he affirmed.

The engagement in Korea highlights the administration’s ongoing efforts to harness the potential of the diaspora in driving national development and achieving economic resilience.