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Send reply to:          "Dr Banjoko" <[log in to unmask]>
From:                   "Dr Banjoko" <[log in to unmask]>
To:                     "CBC Africarecruit" <[log in to unmask]>
Subject:                Press Release- Africa Business discuss Foreign Direct Investment with the African Diaspora London United Kingdom 19/20th November 2004
Date sent:              Sun, 17 Oct 2004 19:43:51 +0100
Organization:           AfricaRecruit

Diaspora Investment Forum  19-20 November 2004 , Wembley Conference Centre,
London United Kingdom Leading business operating in Africa will convey in the
United Kingdom to boost efforts to mobilise the African Diaspora towards invest
in Africa and explore ways of tapping into the estimated US$45 billion
investment portfolio.

At present it is estimated that only 6% of the Diaspora Remittances is used for
investment purposes.


The conference organised by African Business Roundtable and the New Partnership
for Africa's Development (NEPAD) will explore the best means of attracting
investment from the Diaspora to Africa. AfricaRecruit an organisation set up to
build robust and enduring productive capacity throughout the continent is
facilitating the event with the support of Diaspora media organisations such as
BEN Television, OBE Television and other Diaspora organisations such as AFFORD,
Cameroon Forum, Ghana Prestigious Awards, TanDias and many others.


AfricaRecruit chairperson Dr Titilola Banjoko said there is an appetite within
the Diaspora to invest in Africa. 91% of those surveyed by AfricaRecruit said
they would be interested in doing so if certain obstacles were tackled such as
lack of information and or suitable investment options with the infrastructure
to support the movement of the funds. Crucially, over half of those surveyed
stated that lack of transparency of the business environment in Africa is
discouraging investment by the Diaspora. This was reflected in the recent press
release from the International Development Select Committee on Migration and
Development: How to make migration work for poverty reduction which stated that
"If remittances are invested well, these funds could play a major role in
reducing poverty. The development potential of remittances must be secured by
encouraging the act of remitting, reducing the costs of sending money home, and
improving the investment climate for remittances in developing countries."

The conference, which runs from 19th and 20th of November 2004, will mobilising
the African Diaspora for Investment. It will showcase investment options,
challenges, policies as well as case studies aimed at strengthening and
developing investment by African Diaspora.

The event is being sponsored by the Africa Stock Exchange Association; Nigerian
Stock Exchange; First Securities Discount House Limited Nigeria; Counters Trust
Securities Limited; Western Union; Mayor of London; African Business and many
others. Other participants include the Ministry of Finance, Planning and
Economic Development in Uganda and related organs from Africa.



Editors note

 NEPAD (New Partnership for African Development) Business Group comprises
 leading business organisations that have a broad constituency - both inside
and  outside Africa - and are committed to supporting the continent's ambitions
to  realise its full economic potential.

For more information contact Mr Olumbe Akinkugbe

Tel- +44(0)207 024 8224

www.africadiaspora.com


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