2021/06/16

Lazim Destani, part of the activity to mark the International Day of Remittances

Today, on June 16, on the occasion of the International Day of Remittances, in Tirana was held the activity organized by the National Agency of Diaspora with the support of the Bank of Albania and the Minister of State for Diaspora. The event was organized in honor of the efforts of hundreds of thousands of Albanian migrants who provide a better future for their families.

In this activity, in his role as a Member of the Diaspora Coordination Council, Lazim Destani was invited to be part of the Discussion Panel on the topic: Identification and promotion of policies, programs and best practices of financial institutions in relation to strengthening the contribution of migrants.

Here is the full speech of Lazim Destani, presented through the online platform.

“I feel honored to be present at events related to the diaspora as I am part of it for a long time. It is a good opportunity today, on International Remittance Day, to reflect on the impact of remittances on economic and social development.

The role and contribution of the Albanian diaspora has always been and continues to be of great importance for our countries in general. When it comes to the economic development of our countries, remittances are perhaps the main source.

In the past, remittances were at lower levels and were used mainly for household consumption, while today they are at much higher levels. It is therefore very important that this capital is channeled, finding ways and mechanisms to make it as effective as possible, both for families and for the country’s economy and society at large.

In various meetings with successful diaspora businessmen, we’ve discussed the idea of ​​establishing an Investment Fund in our countries. We think that, this would be a very good opportunity for redistribution of remittances in direct capital investments.

Another redestination form of remittances can be government guarantee mechanisms. Through this form, the government can motivate partnerships with European development banks, such as the EBRD (London) or the European Investment Bank (Luxembourg), as well as with other development banks in Western countries. Experts of the field (investment banker in the capital market) would manage these funds, like soft loans or even investments for starting a business.

Within our diaspora there are many skilled professionals who have proven themselves in the management of such resources. Priority investments can be in many branches, such as information technology, digitalization, export motivation, agriculture, and others.

A very good opportunity would be the creation of conditions by the State Institutions to offer authentic policies for the development of tourism by cooperating with major tourism companies from Germany and other European countries.

To achieve this goal, channel and multiply this valuable potential of remittances, the role of the state is irreplaceable. In this regard, I think that state institutions can do a lot, creating favorable investment mechanisms and platforms as well as designing policies that encourage the redistribution of remittances toward investments.

Experts from the field of economic development, heads of departments or financial institutions, are probably well acquainted with these mechanisms. While I am convinced that funding sources are a lot when the right mechanisms and instruments are created.

Of course, there are many other opportunities and models to maximize diaspora inflows and make them as effective as possible.

Now, we also have the Diaspora Business Chamber in Tirana, which is a bridge that could help all investments.

I wish our diaspora be more involved in the economic development of our countries, more organized and united because that way we are stronger.”

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