A growing body of evidence suggests that diasporas play a critical role in supporting sustainable development by transferring resources, knowledge, and ideas back to their home countries, and in integrating their countries of origin into the global economy. Financial flows from migrants and their descendants are at the heart of the relationship between migration and development. While remittances have important effects on financial development, diasporas also hold substantial financial assets beyond their current income—for instance, in savings and retirement accounts, in property, debt, and equity. While remittances tap the incomes of migrants, this report argues that the greater challenge is to mobilize the wealth of the diaspora. Capital markets perform precisely this function, mobilizing savings and channeling them to productive investment.
Thus, Germin in collaboration with local stakeholders and institutions aims to organize and facilitate various activities to enable the diaspora investments in the countries of origin, namely Kosovo, Albania, North Macedonia, Montenegro, and SouthEast Serbia. Germin is currently working with local municipalities in an initiative that aims to generate income and employment in local level through promotion of local products, promotion of public-private partnership (PPPs) opportunities open for investment, and market linkage activities that gives a great opportunity for local producers to be connected with foreign partners. Attracting foreign/diaspora companies to invest in local municipalities is one of the biggest goals to achieve within this framework, as is the market linkage and new ways for local products to join potential foreign markets.
It is clear that throughout the country, there is an emerging start-up culture, with many young entrepreneurs developing small businesses to provide professional services and solutions to today’s society. Their services could be easily outsourced for different companies in different countries, which in this case could be owned by our diaspora. In this regard, Germin is always looking to facilitate the connection and matching between local service providers and diaspora business partners.
Germin is also developing new project as part of this program, always aiming to increase diaspora participation economically, and rechannel remittances, which mainly go for daily consumption.