UNITED NATIONS - / MaximsNews Network / 11 June 2008 -- The following is a statement written by His Excellency Milton Nathaniel Barnes, Ambassador and Permanent Representative of the Mission of the Republic of Liberia to the United Nations, in anticipation of the "Diplomatic-Corporate Dialogue for Development" at the Waldorf Astoria in New York City on 03 April 2008, informing Permanent Representatives of the Liberian Diasporic Model and its viability in post-conflict countries.  See introductory remarks made by Ambassador Milton Barnes.  Also see statements delivered by Ambassadors Paulette Bethel and Ismat Jahan.

"There is a renewed sense of hope in Africa today. The continent has made and continues to make strong strides to reform its economies, democratic institutions, rebuild major infrastructure and reestablish its influence in the global community. At the same time there is an earnest need to ensure that Africa’s renewed sense of hope will be sustained and produce tangible results within the context of the Millennium Development Goals (MDGs).

There are, however, tremendous challenges in realizing these goals especially for post-conflict countries such as Liberia, Sierra Leone, etc. Meeting these challenges will require that national decision makers embrace and operationalize the notion of thinking outside the box. Indeed, for diplomats in the various embassies around the world especially for permanent missions at the UN, it will require operating an expanded mandate in addition to the traditional protocols at the UN in attempts to forge new relationships, (even outside the UN environment) in the interest of Africa. An example of this concept is illustrated below, using post-conflict Liberia as a case study.

Liberia must reduce its long term dependency on international aid if it is to become a developed country. Foreign aid via foreign direct investment (FDI) and official development assistance (ODA) flows, particularly in the context of the multilateral policies of the World Trade Organization, provide a positive near-term economic boost for development but also carry impediments to progress due to stringent funding hurdles.

Foreign aid dependency can be reduced with the indispensable contributions of the Liberian Diaspora, particularly from its skilled and investment-minded members. Their contributions will be the new “foreign” direct investments, and could have positive long-term catalytic effect on development.

Investment for development from the Diaspora have several advantages over ODA and FDI in that they provide a more stable capital flow, are non-debt generating and are free of stringent conditions. Furthermore, if managed properly, it can exhibit low volatility and no negative effects on the export sector.

National policy-makers and private sector stakeholders need to establish and implement structural mechanisms to harness the Diaspora in a long-term partnership to develop Liberia. The first key tasks will be to build a solid partnership with those in the Diaspora who are willing to invest in Liberia given the proper investment conditions and government incentives.

One of the most important mechanisms for achieving this goal will be the development of a Liberian Diaspora database. Such a database would be used for gathering and disseminating information to facilitate networking and collaboration among national policy-makers, private sector experts and actors at home and in the Diaspora.

Liberia has an urgent need of capital influx from investors, and the Diaspora database could serve as a medium for Western investment institutions and investors to linkup with the Diaspora. One such partnership that needs an immediate policy focus is a tripartite, consisting of the Government of Liberia (GOL), a core group of Diaspora investors and a select group of Western investment institutions with FDI experience in Africa. The structural policy and mechanisms will be stipulated with the following stakeholder responsibilities, including, but are not limited to:

1. The GOL will provide the right set of predictabilities and incentive packages to encourage mobilization of the requite capital investments for development;

2. The core group of Diaspora member investors will invest the initial capital by choosing a set of portfolios provided by the select group of western investment institutions; and

3. The select group of western investment institutions will manage not only the selected portfolio but also will provide a matching arrangement.

This subject matter is intended to be the focus of discussion and interaction at the Diplomatic-Corporate Dialogue forum hosted by the Permanent Mission of the Republic of Liberia on 3rd April 2008. The Mission would be honored by your participation and your invaluable input."

Photos & Editing by Gloria Starr Kins, MaximsNews Society & Diplomatic Editor

Labels: United Nations, U.N., Milton Barnes, Liberia, Foreign Aid, Diaspora, MaximsNews

 

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