Arabs Living Abroad “Goldmine of Knowledge” – World Bank

Arab diaspora in London.

Washington, 01 Rajab 1438/29 March 2017 (MINA) – The Middle East and North Africa (MENA) diaspora has a “goldmine of knowledge” that can be used to address the economic challenges of the region, the World Bank said Tuesday.

A new paper released by the institution details how more than 20 million Arabs living abroad can foster investment and entrepreneurship, as well as grow the technology in the Arab world.

It recommended that governments establish “diaspora mapping” to mobilize those with the needed skills, create “knowledge exchange networks” with global partners, and reach out to professionals for “seed financing and mentorship to high-growth entrepreneurs” in the region.

A survey of 1,000 respondents in the diaspora showed that “those living outside of their home countries want to help and remain engaged, but also express deep concerns about the quality of their countries’ business environments,” KUNA reported, citing the World Bank.

“Giving back to the diaspora’s country of origin is a priority for 85 percent of the respondents; 87 percent of the respondents are willing to invest time in mentoring individuals in their home country; and 68 percent of the respondents are willing to invest capital and trade with their country of origin,” the results revealed.

However more than half of the respondents also said they view the business environments at home to be weak, and expressed concerns about the lack of transparency in regulations, the paper noted.

“In spite of their doubts, diaspora remain more willing than foreign investors to invest in their home country during turbulent times, as they have more awareness of the business environment and local practice,” the World Bank said. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)