Staff reporter
President Emmerson Mnangagwa has said that diaspora remittances have become a major contributor to the country’s foreign currency, the Harare Post can report.
Speaking on the side-lines of the South Korea-Africa Summit in Seoul, President Mnangagwa, highlighted the vital role played by the Diaspora remittances in the resuscitation and stabilization of the economy.
“Diaspora remittances have emerged as a significant driver of Zimbabwe's economy, becoming one of the major sources of foreign currency for the country. Remittances now stand as the second largest source of foreign currency inflows, trailing only behind mining.
“The surge in remittances continues unabated, with an 18 percent increase recorded in the first quarter of 2024, amounting to US$494 million compared to US$420 million in the same period in 2023. This upward trajectory underscores the critical contribution of the Zimbabwean diaspora to the nation's economic resilience,” said President Mnangagwa.
This was bolstered by the Minister of Foreign Affairs and International Trade, Frederick Shava who took the opportunity to highlight Zimbabwe as an English speaking nation, opening opportunities for Zimbabwean English teachers willing to take up the prospect of teaching English in the rich Asian country of South Korea.
Furthermore, the surge witnessed in diaspora remittances mark a significant milestone in the nation's economic landscape. Currently there has been a notable 16 percent rise in official remittances from the Diaspora community, soaring to US$1.873 billion in 2023 up from US$1.617 billion in the previous year. This surge underscores the pivotal role played by Zimbabweans living abroad in bolstering the country's economy.
The proposed bilateral relations between South Korea and Zimbabwe, in formalising employment opportunities for Zimbabweans catalyse increased remittances, providing a significant boost to Zimbabwe's economy.
Meanwhile, South Korea stands as the 12th largest economy globally, boasting a GDP of US$12 trillion. This economic prowess positions it as a lucrative destination for skilled workers seeking employment opportunities abroad.
