The diaspora represent a market, a sales force, and a constituency. The diaspora can bring ‘the world to the homeland’ and ‘the homeland to the world’. Put simply, ‘diasporas may improve access to capital, knowledge and new technology, and play an important role for social development, growth opportunities, and connection between markets and countries.’
The economic involvement of diasporas can be categorised under the ‘Five Ts’: tourism, transportation, telecommunications, trade, and transmission of monetary remittances. It is now undisputed that diaspora members can play a fundamental role in their home country. Some of the ways in which the diaspora can benefit the home country include, but are certainly not limited to:
1. Helping to redefine a homeland’s value proposition and providing assistance in increasing the brand value of the homeland.
2. Converting brain drain into brain gain and brain circulation.
3. Acting as global ‘search networks’ for developing local industry and assist in the creation of global knowledge networks to support the growth of indigenous companies. For example, key members of the Taiwanese government and leading overseas engineers in Silicon Valley played such a role in the establishment of a successful venture capital industry in Taiwan.
4. Contributing to the expansion of global trade with their knowledge of home country markets, as the case of Chinese, Mexican and Indian diasporas do. Chinese companies to Europe and the United States arising from a combination of business opportunity, trade relations and diaspora networks.
5. Contributing to the development of the homeland and assisting in relief and aid efforts. n Acting as ‘talent accelerators’ for the homeland’s next generation through mentoring, internships, and other training and educational opportunities that will offer opportunities to ‘internationalize’ the next generation of leaders.
6. Contributing to the economic progress of the homeland through financial instruments such as remittances and diaspora bonds.
7. Increasing the home country’s impact on the international stage if members of its diaspora hold prominent or influential positions in international organizations. This has diplomatic and reputation benefits for the home country.
‘Tangible benefits that can accrue to a home country from its diaspora; expats can prompt bilateral trade, promote FDI, act as business middle men. And when they return home, as they usually do, they bring with them new skills and experiences and networks.’ Michael Fullilove, Program Director Global Issues, The Lowy Institute
What the home country can do for the diaspora
Rewards and recognition over the past several years, many countries in developing their diaspora strategies have included a mechanism for formal recognition. While it may be considered unnecessary, an act of recognition or expression of appreciation is likely to ignite a positive reaction from particular segments of the diaspora and would help highlight many of the efforts made on the part of particular individuals or organizations, which can otherwise go unrecognized. Having a mechanism through which to thank diaspora members will potentially increase engagement, raise awareness and generate substantial good will. In short, there is much more upside than downside. Possible systems for reward and recognition include:
1. The creation of a formal civic honours system, such as the Order of Canada, Legion d’Honneur in France, the Order of Australia, the British Honors List; n Universities acknowledging successful members of the diaspora either in the form of honorary degrees or through appointments as visiting fellows, adjunct faculty members, etc.;
2. Recognition could come through the network of the home country’s embassies and consulates around the world;
2. Recognition could come through the network of the home country’s embassies and consulates around the world;
3. An invitation to a small gathering hosted by a visiting member of the home country’s Government is a form of recognition in and of itself. Diaspora members like to feel that if they are giving of their time and expertise to advise on particular matters a fitting form of acknowledgement is access to Government at senior levels;
4. Sponsoring trips home to meet domestic companies whom diaspora members could potentially assist is also seen as a form of acknowledgement; or
5 Membership in some recognized body of advisors, with a working title. Such an appointment suggests that the person is in a privileged position to help homeland companies, agencies, organizations or Government and is an acknowledgement of his/her global expertise.
https://www.youtube.com/watch?v=RfNYeZA7uJc
Credit : Diaspora Toolkit
