ࡱ> #` Ѷbjbj\.\. .>D>D&###8$$t z8%8%"Z%Z%Z%5&5&5&%y'y'y'y'y'y'y${h"~~Ky65&5&66KyZ%Z%`y2CCC6 Z%Z%%yC6%yCCIoXUsZ%,% P#@p(x4yz zp]B*PUsUs5&*_+C/25&5&5&KyKyCX5&5&5& z6666"$" Financing for Development Office 9 November 2006 Ad-hoc expert group meeting on Strengthening the business sector and entrepreneurship in developing countries: the potential of diasporas (New York, 5 October 2006) Introduction In its resolution 60/188 of 22 December 2005, the General Assembly requested the Financing for Development Office to continue to organize workshops, multi-stakeholder consultations and panel discussions to examine issues related to the mobilization of resources for financing development and poverty eradication. In response to this mandate, the Financing for Development Office engaged The Indus Entrepreneurs (TiE) to organize an ad hoc multi-stakeholder expert group meeting on Strengthening the role of the business sector and entrepreneurship in developing countries: the potential of diasporas. The meeting was held on 5 October 2006 at UN Headquarters in New York. The participants comprised practitioners and experts from the private sector, multilateral organizations (UN DESA, World Bank, Regional Development Banks, UNCTAD etc), governments and academia. On the following day, 6 October 2006, some of the participants briefed UN delegates in an open plenary session on the findings and outcomes of the discussions held during the previous day and encourage feedback from member states. The program of the meeting, including the names of the participants, is attached to the report (see annex). Background information on the meeting and the powerpoint presentations can be found at the following web address: http://www.un.org/esa/ffd/MSC-TIE.htm. This report broadly follows the structure of the agenda. After welcoming remarks by Mr. Oscar de Rojas, Director, Financing for Development Office and Mr. Parag Saxena, President, Tri-State Chapter of TiE, the floor was given to Mr. Jomo Kwame Sundaram, UN Assistant-Secretary-General for Economic Development for opening remarks. This was followed by the four substantive sessions: overview and setting the stage, strengthening linkages and facilitating trade, skills and knowledge transfer, channeling finance and enabling policies and institutions. Opening Remarks by Mr. Jomo Kwame Sundaram, UN Assistant- Secretary-General for Economic Development Mr. Jomo began by thanking the Financing for Development Office and The Indus Entrepreneurs for collaborating to organize this ad hoc expert meeting. He noted the increased focus in recent years on issues related to the flow of remittances to developing countries and noted the counter-cyclical features of these flows and their potential to contribute to consumption-smoothing and poverty alleviation in the country of origin. At the same time, Mr. Jomo emphasized that the potential contribution of diasporas to their home countries goes well beyond remittances and includes the wide range of issues, relating to strengthening entrepreneurship and business, that are to be discussed in this meeting. While citing examples of the entrepreneurial contributions of diasporas, Mr. Jomo underlined the wide diversity in experiences and that the underlying drivers behind the success stories are quite complex and not always clear. The successful cases that he mentioned included the contributions made by US-based graduates of the elite Indian Institutes of Technology to developing the high-technology sector back home, the role of the Lebanese diaspora in helping with the reconstruction of Beirut, and the noticeable numbers of highly-qualified professionals who are returning to the Republic of Ireland and attracting businesses there. On the other hand, however, there are diaspora communities that have not been so economic successful nor made significant contributions back home. There is therefore a need, according to Mr. Jomo, to recognize the diversity of diasporas and their varying experiences and circumstances in both host and home countries, as well as to understand the configuration of abilities, financial flows and other factors that influence their contribution. Other issues mentioned by Mr. Jomo included the importance of institutional arrangements and appropriate norms to support diasporas entrepreneurship, the need to widen and mainstream the role of diasporas in strengthening the business sector (over and above a few high value-added sectors such as technology and pharmacy) and the overriding need for better information and analysis on the underlying drivers and impact of diaspora activities. On the latter point, he pointed to the importance of case studies that would add to the knowledge that is being accumulated by business schools, economists, sociologists and anthropologists working in this field. Session I: Overview and setting the stage This session was moderated by Mr. Rajat Gupta, Senior Partner Worldwide, McKinsey and Co. The presenters were Mr. Devesh Kapur, Professor and Director, Center for Advanced Study of India, University of Pennsylvania; Mr. Yevgeny Kuznetsov, Senior Economist, World Bank; and Mr. Chukwu-Emeka Chikezie, Executive Director, African Foundation for Development. In his introductory remarks, Mr. Gupta stressed that the private sector has become central to economic and social development and, within this context, diaspora communities have an important role to play. While the state continues to play a crucial role in areas such as health and education, the challenge lies in establishing and developing an interaction between the public and private sectors. This will ensure that public services can be improved through the adoption of private sector best practices and, at a broader level, provide an enabling environment for businesses. Referring to the case of India, Mr. Gupta argued that the input of the private sector, and especially the diaspora, will be essential in enabling the government to overcome the immense challenges involved in providing public goods and services. Presentations Mr. Devesh Kapur analyzed some key issues behind the contribution of diasporas and their potential benefits for the business sector in their home countries. For a start, he argued that, unlike other foreign investors, the investment decisions of diasporas focus not just on the rate of return but also broader non-pecuniary and emotional factors related to their ties to the homeland. Such factors may also play a role in diasporas apparent greater willingness to take risks and in their ability to informally enforce contracts. An additional point made by Mr. Kapur was that the role and significance of diasporas appears to vary according to the economic sector and the informational content of their activities. To elaborate, their potential contribution seems to be greater where a flow of ideas and market knowledge carry a premium, which is usually the case in higher-value-added segments of the economy. Moreover, Mr Kapur added that diaspora communities can themselves be diverse and may be involved in different types of economic activities, not all of which are of high value to the home country. In this respect, he pointed out that their contribution to the homeland can be influenced by their reasons for leaving it and also by their integration and status in the host cost country. Mr. Kapur also stressed the importance of having conditions an dpolicies in the home country that are conducive to business activities. Focusing on highly-skilled diaspora groups, Mr. Kuznetsov stressed the importance of global search networks that could harness and channel their contribution to the homeland. As an example, he cited the venture capital industry in Taiwan, which has been dominated by large players and venture capital funds from Silicon Valley. With respect to public policy, Mr. Kuznetsov emphasized the need to support and target the development of ideas that, combined with institutionalized search networks, can be implemented in a series of strategic pilots. The latter should be small but scalable; set up outside of, but in cooperation with government; and they should be simple enough to make it easier to deal with the usual multitude of problems. Areas where such initiatives could be implemented include educational institutions and seed capital funds, but the problem is often as to who should initiate the pilots. Mr. Kuznetsov pointed out that diaspora members are often by their very nature inclined to go against the grain, which increases both the challenge and the opportunity to achieve a feed-through effect to institutional development in the home country. Mr. Chikezies presentation drew on the experience of his organization in working with the African diaspora based in the United Kingdom. In his experience, diaspora entrepreneurs have a broader time horizon than other foreign investors, tending to enter a country earlier and to stay there longer. However, the African diaspora have faced significant obstacles relating to inadequate access to capital and challenging conditions in the home country. Moreover, Mr. Chikezie pointed out that African diasporas are often not very well networked, which lends additional urgency to the need to establish the necessary information and support structures. AFFORD is one agency that has begun to help African entrepreneurs network more effectively, but more effort, resources and support are required in this area. In his comments, Mr. Chikezie also stressed that the contribution of highly skilled diaspora individuals who are not directly engaged in entrepreneurial activities, but possess a range of skills relevant to business development and management, need to be tapped. Underpinning the policy recommendations made by Mr. Chikezie was the need for a multidisciplinary approach on behalf of host country governments to international development, necessitating the cooperation of various government portfolios including international development, trade and labor. Discussion The ensuing discussion included the following points: There was discussion concerning the extent to which there can be some standard prescription regarding policies aimed at making optimal use of diasporas potential for strengthening the business sector in their home country. On the one hand, it was argued that a set of basic preconditions could feasibly be formulated that would help facilitate the realization of initiatives, especially in the area of institutional development; though these standard preconditions should be defined as mildly as possible. On the other hand, some participants argued that individual countries differences are far too significant for any standard program of policy measures to be drawn up. As an alternative, it was suggested that making success stories public would be more useful way to generate cross-fertilization of ideas. Some participants emphasized that the very conditions in the home country that make people emigrate are often also a major obstacle for the home country to drawing any measurable benefits from a diaspora community. An environment characterized by undue political and economic regulations or, in many cases, repressions provides the rationale for people to move abroad, while at the same time making the home country unattractive when it comes to investing or developing private enterprises. There was some discussion of differing educational and skill characteristics of diaspora groups. It was pointed out that entrepreneurs are not necessarily among the educated elite of a diaspora, and that this needs to be taken into account by policymakers when allocating resources and designing programs. At the same time, the potential importance of high-skilled networks, as a mechanism to match up what in many cases represents a nations education and business elite abroad with private and public sector needs at home, was emphasized. Participants agreed that the contribution of diasporas goes far beyond remittances and that their role in transferring knowledge and skills and facilitating trade and investment can be even more value adding. However, it was also noted that the relative value of each of these contributions may differ according to the development stage of a country. Especially for countries in more advanced stages of development, the provision of funding may be a less contribution from diaspora communities compared to the identification of opportunities, the sharing of information and the design of appropriate business models. Session II:Strengthening linkages and facilitating trade, skills and knowledge transfer This session was moderated by Mr. Barry Herman, Senior Fellow, New School of Social Research. The presenters were Ms. Jennifer Brinkerhoff, Associate Professor of Public Information and International Affairs, George Washington University; Ms. Wanja Michuki, Chief Executive Officer, Highland Tea Company; Ms. T.A. Banjoko, Head, Africa Recruit; Ms. Molly Pollack, Executive Director, Chile Global; and Mr. Richard Tan, Chief Executive Officer, Pacific Millennium Corporation. In his comments, Mr. Herman mentioned the interesting diversity among the panelists in the session including representatives of organizations involving the Chilean and African diasporas; two different types of diaspora entrepreneurs, one heading an established conglomerate and the other managing a relatively new and successful tea company; and a noted academic expert in this field. He stressed that their different experiences and perspectives should provide interesting lessons. Mr. Herman also referred to the need for policy makers to provide incentives to diasporas to undertake business transactions in their country of origin, including devising tools to share the risks involved in undertaking such activities. Presentations Ms. Brinkerhoff identified skills transfer as a significant contribution that diasporas can make. She stated that, where knowledge exchange is concerned, diaspora members can act as important interlocutors between the technology and its originating context and the homeland recipients and culture. Ms. Brinkerhoff cited the development of Indias information technology sector as a success story in this respect and also pointed out that diaspora identity-based professional associations are becoming increasingly active in intellectual/scientific diaspora networks. She cited a number of actions that interested parties in both public and private sector could undertake to strengthen the potential of diasporas to contribute to skills transfer. These include creating country-specific databases of diaspora identity-based professional associations; providing technical and networking support to these associations vis--vis government actors and private sector counterparts; identifying the skill priorities of developing countries and establishing links to appropriate professional networks; and seeking to engage relevant diaspora members with priority skills to consult on sector development. She also stressed the importance of the internet in creating knowledge and skills networks and providing business development services. On the last point, Ms.Brinkerhoff cited the example of successful diaspora-driven internet venture called Thamel.com, that has successfully provided business development services for poorer segments of the population in Nepal. Ms. Michuki made her speech in the context of her experience as the US-based co-founder and owner of a company that imports, manufactures and wholesales Kenyan specialty teas in the United States. She pointed out that diaspora entrepreneurs can engage local businesses and organizations through sourcing inputs and services from local companies, providing networks and access to capital for local companies to supply products to external markets such as the United States, and facilitating skills and knowledge transfer to add value locally. In order to enhance the ability of African diasporas in these areas, Ms. Michuki recommended establishing state-sponsored business plan competitions tailored to create sustainable enterprises formed in partnership with members of the diaspora; creating marketing divisions within the trade missions of overseas embassies that would help establish of trade and networking links between the diaspora and entrepreneurs in home countries; and ensuring the participatory inclusion of Diaspora members in trade assistance programs. Over and above this, she emphasized that the starting point for tapping into the potential of a diaspora is to properly identify and target it. Ms. Banjoko stressed that the diaspora is Africas greatest offshore asset, with almost 4 million Africans living outside the continent. She shared the experience of her company Africa Recruit, which acts as a platform for debate with the African diaspora and key stakeholders on how to add value to capacity building in Africa, with skills, labor, human resources and investment as the main drivers. Africa Recruit has formulated and implemented practical programs that capitalize on the diasporas social and financial capital in order to enhance the continents human resource development. Its key areas of focus include harnessing remittances and investment flows, facilitating and enabling diaspora structures in both sending and host countries, providing business support centers for diasporas, developing key skills and competencies in Africa, facilitating skills and knowledge transfer through its website and database, and promoting a business conducive regulatory framework. Africa Recruit also uses information technology and other modern communication techniques to provide information about job opportunities in Africa to African professionals in the diaspora. Ms. Banjoko concluded with a series of recommendations for governments, business and diasporas that are contained in her powerpoint presentation that can be downloaded at the following web address: http://www.un.org/esa/ffd/MSC-TIE.htm. Ms. Pollack stressed that highly skilled Chilean expatriates constitute a valuable human resource that can make large contributions to their home country and help address key development issues. This is especially so in areas such as technological innovation and human capital development where, despite advances in its economy, Chile faces weaknesses. Ms. Pollack described her company, Chile Global, as an active international network of Chilean business owners and high level executives interested in contributing to the success of the Chilean economy through creating and promoting a mechanism of technology transfer and knowledge exchange. Its members are influential individuals with an active role in industries central to Chiles development who contribute by supporting businesses, leveraging contacts and expertise, and promoting entrepreneurship. The specific objectives of the network are to support the development of, firstly, highly skilled human capital and, secondly, enabling public policies relating to innovation. In concluding, Ms. Pollack provided a number of lessons for diaspora network development. Among the points she made was that the value generated by a network must be apparent to all stakeholders and the operational model must be flexible and adaptable to different interests. She also pointed out that it is important to have a credible champion institution (which was Fundacion Chile in this case) that has strong connections in public and private sectors. The other reasons for Chile Globals success, according to Ms. Pollack, include its limited but highly qualified and focused membership, regular communication and contact throughout the network, and strong government support arising from the fact that its objectives are in line with key development priorities. In order to encourage their contribution to their country of origin, Mr. Tan called for diasporas to be recognized legally. He also suggested that contacts should be maintained between countries of origin and the diaspora community through community programs, activities and associations. Mr. Tan referred to Taiwan, Special Province of China, which has focused on maintaining close ties with a highly skilled group of emigrants in order to reap the benefits of technology transfer. Referring to the role of expatriates in supporting the semiconductor sector, he mentioned that Taiwan has given less attention to attracting investments from its diaspora than on making use of their skills acquired abroad, both through networking and through return migration. Diaspora investment combined with government support has helped nurture industrial clusters, provide venture capital, and, as a result, spin off highly successful global privately managed firms in the semiconductor sector. Mr. Tan also pointed to the need to explore further avenues of strengthening diaspora business networks. Discussion The brief discussion that followed included the below points: There was mention of the incentives and policies required to attract diaspora enterprises to operate in the country of origin. In this context, it was pointed out that they would face a similar set of risks as foreign companies and investors, especially with regard to the regulatory environment. More thought therefore needs to be given as to how these risks could be effectively mitigated. The complexities involved in setting up effective networks and institutions were also explored. It was agreed that such entities are difficult to set up without having strong relationships in place between diasporas and the country of origin. It was also suggested that success stories in this area should be studied carefully and consideration given to how they can be scaled up and applied in other contexts and countries. Session III:Channeling finance The session was moderated by Mr. Arun Kashyap, Private Sector Development Adviser at UNDP. The presenters were Ms. Lenora Suki, Associate Director, Center on Globalization and Sustainable Development, The Earth Institute at Columbia University; Mr. Kai Schmitz, Executive Vice President and Chief Operations Officer, Microfinance International Corporation; Ms. Marsha Wulff, Founder and Principal, Wulff Capital; and Mr. Suni Munshani, Chief Executive Officer, Novitaz. In his comments, Mr. Kashyap noted that the universe of financing initiatives to encourage business formation and growth is broad and goes well beyond remittances. It includes equity financing, bond financing and various existing or potential tools to finance start-ups and small businesses. He observed an interesting similarity with another issue that has also been tackled by the UN, relating to building inclusive financial sectors, which is also a dependent on a breadth of tools and institutions. Presentations Ms. Suki referred to her work on remittances and covered a range of financing instruments that could help leverage diaspora funds. These include, firstly, collective investments targeted at developing necessary infrastructure such as roads or hospitals in a home country or town. Such investments tend to be driven by broader social and charitable goals rather purely private sector interests. Another instrument mentioned by Ms. Suki was equity finance, which has been most visible in the development of the high-technology sectors in India and China. Financing start-ups has also been an important channel of diaspora capital in several countries (Serbia, Honduras, Dominican Republic, Armenia etc). There is evidence that expatriates are willing to accept lower rates of return when investing in home countries start-ups but an important condition for their participation is an enabling investment climate. With regard to bond finance, Ms. Suki pointed out that this has enabled the authorities to raise money from diasporas, at rates that are often lower than market rates (for instance, Solidarity Bonds for the Reconstruction of Central Beirut). Ms. Suki also described new mechanisms of channeling finance, including through groups of high net worth people who could pledge a pool of securities; creating such a pool of diaspora capital would deserve further analysis. Other promising methods include the securitization of remittances and other payments and syndicated loans. These tools can provide for financial institutions, who will intermediate these capital flows and on-lend to SMEs. Mr. Schmitz described the work undertaken by Microfinance International Corporation (MFIC) in Latin America. MFIC aims to expand affordable and professional financial services to markets where such services have previously been unavailable, or are overpriced and disconnected from mainstream banking. In this context, it provides a range of services to enable diaspora communities to channel money to microenterprises and SMEs in their country of origin. For example, MFIC has developed a remittance platform that is customized to the needs of microfinance institutions (MFIs): reliable, easy to use and available at very low cost. At the same time, Mr. Schmitz stressed that MFIC ensures that the investments made are viable through business centers that ensure that ensure thorough credit assessment of local borrowers and due diligence. However, Mr. Schmitz pointed out that the lack of business opportunities, in some countries, and the absence of strong enough ties between diasporas and the homeland, in a number of instances, can present challenges. Ms. Wulff presented a diaspora-linked model for commercialization of health-related products and referred to this as collaborative commercialization. According to the model of traditional product commercialization, an idea is developed and refined in a developed country and donated and/or sold to emerging markets. Building on diaspora capacities and on communication technology, she suggested an alternative model where an emerging market company discovers a product and then collaborates with major developed country firms to refine product for global markets, market co-branded products, ramp up manufacturing and distribute globally. The diaspora can not only provide a bridge between the local and overseas company but also finance the process at critical staged through the use of venture capital. Ms. Wulff called for the setting up of a Collaborative Commercialization Entity that would administer the product commercialization program and interface with relevant networks in the public and private sectors, including the diaspora. To get started, the project would need to be sponsored by bilateral and multilateral agencies and/or private foundations. Mr. Munshani spoke about channeling finance through diasporic linkages to build knowledge infrastructure and fund innovation. He pointed out that the diaspora had played an important role in inducing US businesses to set up operations in India as part of outsourcing. However, he argued that India may not continue to benefit from this trend unless there is better institutional support in the key areas of education and innovation. The Indian diaspora has taken the lead to establish educational institutions to increase the output of qualified professionals. However, these private efforts can only be a catalyst and augment, rather than replace, government efforts. Unless capacity is sufficiently increased in the education sector, labor shortages will continue to increase wages and induce companies to set up bases elsewhere. With respect to financing innovation, Mr. Munshani pointed out that at least forty diaspora initiatives are underway in India to identify entrepreneurs and finance their projects (in the amount of approximately $50 million per project). Here too, the government needs to reduce regulatory and bureaucratic obstacles if it is to continue to attract increasing amounts of early stage private equity. Discussion The ensuing discussion included the following points: It was pointed out that, due to the fact that diasporas vary significantly, one size fits all recommendations made not be made with regards to channeling finance. However, a sharing of knowledge would be valuable and, in this sense, a participant proposed setting up an information portal on the internet that outlines various case studies. There was some discussion on the role of policy in supporting diaspora financing initiatives. A participant pointed out that policies should focus on providing the enabling conditions favorable to local and overseas investment. In addition, they should also focus on inducing innovation through supporting research and education and providing a favorable regulatory environment. It was noted that venture capital initiatives are effective in creating jobs but are still limited in number and size. Fixed income finance i.e. bond finance is another as yet relatively untapped source of financing that could be of great use in channeling expatriate capital towards education and housing. Venture capital remains very limited (2% of total equity) but is highly efficient (9% of job creation). Fixed income is another important source of financing (for education, for mortgage). (Saxena). The efforts being undertaken in certain countries, such as the Dominican Republic, regarding migration were highlighted. These efforts have been made in collaboration with institutions such as UNDP. It was emphasized that the discussions in this meeting were complementary to these on-going initiatives. A participant called for greater research into how remittances could effectively be channeled into productive investment and business support. Session IV: Enabling policies and institutions The session was moderated by Mr. Manuel Montes, Chief, Policy Analysis and Development Branch, 51Թ Financing for Development Office. The participants were Ms. Nienke Stam of the IntEnt Foundation in the Netherlands; Ms. Natasha Iskander, Assistant Professor of Public Policy, Wagner School of Public Policy, New York University; Ms. Lisa Curtis, Private Sector Adviser, UK Department for International Development (DFID); and Ms. Liesl Riddle, Assistant Professor of International Business and International Affairs, George Washington University. Mr. Montes opened the session by outlining a range of issues relating to enabling policies and institutional frameworks to develop the potential of diaspora entrepreneurs. These included legal recognition of diasporas; maintaining informational links between diaspora groups and their home countries; introducing, where relevant, a diaspora dimension to donor programs; generating discussion in countries of origin regarding the benefits of diaspora participation; defining and building capacity in the necessary institutions to facilitate diaspora entreprenership; and scaling up activities through mobilizing migrants that have shown a tendency to invest in their country of origin. Presentations Ms. Stam described the work of IntEnt which aims to enable entrepreneurial migrants, residing in the Netherlands, to channel their social, intellectual and financial capital into businesses in their country of origin. The program has targeted selected countries in Africa, Asia and the Caribbean. While partially funded by the Government of the Netherlands, the organization is run as a business with migrant entrepreneurs paying a fee to participate in the program. The program entails a number of steps, including the selection of clients based on their business idea and entrepreneurial characteristics; providing training and advice to enable clients to undertake market research and draw up business plans; assisting entrepreneurs obtain bank loans; and providing business advisory services during the start-up phase. Ms. Stam pointed out that close to 200 businesses have been started as a result of the IntEnt program and that on average IntEnt entrepreneurs have been more successful in sustaining their businesses than starters that have not been similarly supported. She went on to outline some of the key lessons learnt from the program which included the fact that migrants entrepreneurs take longer on average than locals to start up businesses due to aspects related to international migration, financial obstacles and sometimes the absence of local networks (IntEnt has tried to overcome the latter obstacle by setting up local business clubs of migrant entrepreneurs). Ms. Stam concluded with a number of policy suggestions including calling on governments to encourage circular migration through more flexible visa policies. At the same time, she reiterated that entrepreneurship development and support programs cannot be run by government organizations since they lack market awareness. Ms. Iskander emphasized that the focus should be on how the process of policy development can generate institutions supportive of business sector growth based on migration. She also called for a shift in thinking from terms such as diasporas to a broader analysis of labor markets and fields of entrepreneurship that have become transnational due to large scale migration. These transnational fields are still unmapped and compatible institutions relevant to finance, infrastructure, knowledge and politics need to be created or developed. In order to better understand these transnational fields, and reap the knowledge necessary to build these institutions, Ms. Iskander outlined the necessity of going through a process of interpretive engagement. This comprises collaborative policy discussions between various stakeholders and Ms. Iskander pointed to La Banque Populaire Maricaine as an example of a financial institution that has developed through such a process. This is the Moroccan state bank that has successfully served emigrants since 1969 through tailor-made transfer, savings and investment products. In order to ensure that products were kept in line with the changing needs of emigrants, there were repeated cycles of interpretive engagement in 1969, the 1980s and the 1990s. For example, in 1969, as part of Operation Moroccan Workers Abroad, bank staff were sent abroad to be engaged in active discussion with emigrants. In the 1990s, the discussion evolved to the issue of how to keep the descendents of the initial clients interested. Thus, according to Ms. Iskander, the focus should be on building institutions that lay the groundwork for sustained economic activity and knowledge generation in transnational spaces. Ms. Curtis mentioned that DFID works with the diaspora at both supra-national and at country levels. In order to enhance the effectiveness of emigrants as a source of funds, DFID has a number of initiatives aimed at removing policy, legal and funding barriers to remittance flows through lowering costs, improving transparency, expanding choices and access to financial services, and increasing the impact on development. She pointed out that, in Sierra Leone, emigrants were interested in a productive use of their remittances, such as the founding of a business that would make their families independent. At the individual country level, Ms. Curtis stressed that the diaspora have an important role to play as investors and as potential returnees. Referring to her experience in Sierra Leone, she argued that diaspora investors differ from traditional investors in that they have a broader array of objectives (including social and personal goals), are better informed through social networks, know how to access information and navigate official processes, are early risk-takers and have a longer investment horizon. Nevertheless, Ms. Curtis cautioned that some of the advantages possessed by diaspora investors for example, with respect to having better access to information can themselves be the results of a poor investment climate that the authorities in the country need to address. Moreover, donors have to make a careful decisions regarding how and when to support diaspora investors and should focus on backing those who would generate employment. Ms. Curtis also referred to the work DFID has been doing, in countries like Sierra Leone, to enable the participation of diaspora groups in public-private dialogues on policy reforms. Ms. Riddle emphasized that homeland Export and Investment Promotion Organizations (EPOs/IPAs) could play an important role in promoting, harnessing, and facilitating diaspora interest in homeland investment or the purchase of homeland goods and services. The existing common objective of these organizations is to build bridges between foreign entrepreneurs/firms and entrepreneurs/firms in their home countries and, to provide a bridge between diaspora investors and their countries of origin, Ms. Riddle argued that these organizations will need to modify their traditional approaches. For instance, successful diaspora marketing efforts would require appealing to not just their pecuniary motivations but also their altruistic desires. In terms of knowledge provision, these organizations must discern what specifics the diaspora lacks about the homeland economy that impede their economic involvement and determine ways to transmit that knowledge. Similarly, the networking needs of well-connected, first-generation diaspora buyers and investors may be less intense than those of foreign investors and, to effectively meet these, EPOs/IPAs may need to leverage existing contacts and serve as networking conduits. Ms. Riddle also pointed out that EPOs/IPAs may need to broaden their advocacy services for transnational entrepreneurs to include representing their interests to national governments, foreign governments and multilateral agencies. Discussion The ensuing discussion included the following points: There was some discussion of the concept of interpretive engagement and related regulatory and legal issues. Some participants perceived this to be the same as client management and felt that thinking in terms of diasporas remained relevant. In response, it was pointed out that the issues relevant to diasporas need to be discussed at a broader level, in terms of transnational industrial policies and labor markets. Another participant pointed out that the activities undertaken by La Banque Populaire Maricaine in the 1960s may not be possible today due to regulatory and policy changes. Similarly, it was pointed that in many cases migrants are illegal in their host country which makes their mobilization a more complicated issue. It was argued by a participant that the role of development organizations in diaspora-related activities needs to be better defined. At the same time, it was argued that developing country governments also need to be better engaged on this issue and that the UN can play an important role in promoting this. Other issues brought to the fore in the discussion included the need to go beyond the elite when engaging with the diaspora, the importance of scaling up the numerous initiatives that already exist, and the increasing ability of emigrants in a number of countries to influence the political process. Closing Session: Conclusions and the way forward Mr. Manuel Montes, Chief, Policy Analysis and Development Branch, 51Թ Financing for Development Office moderated this session. Mr. Krishnan Sharma, Economic Affairs Officer, 51Թ Financing for Development Office, requested participants for feedback on the meeting and any suggestions for possible ways forward. The thoughts expressed included the following: Some participants stressed that the fact that this issue is to be presented to the Second Committee, on the following day, is itself an important step. Having member governments of the 51Թ take actions based on some of the findings and recommendations of the meeting would represent an important next step. The need for an action-based program of further research was widely emphasized. It was generally agreed that there is an overriding need for better information and analysis on the underlying drivers and impact of diaspora activities. For example, there is insufficient information on the impact of diasporas across skill and occupation levels. In addition, more systematic analyses would be helpful in listing and distinguishing between the different types of diaspora networks (especially across skill levels), the roles that they can play and the conditions for their success. At the same time, it was emphasized that the research undertaken would need to be action-based. In other words, it would need to be practically-oriented and generate concrete measures to help diaspora groups, policy makers or supporting agencies strengthen their capacity to engage in what is a relatively new area of public policy and activity. Such research can be undertaken through interacting with diaspora groups and evaluating the impact of their activities on business and development. Sponsors need to be identified who can fund such a program and make it accessible to a wide range of stakeholders. A number of participants also called for the setting up of mechanisms that would allow for better exchange of experiences and ideas among different diaspora groupings. In this respect, the desirability of having an information portal that pulls together interesting case studies, experiences and lessons was reiterated. Such a portal could also assist the research program referred to above by pulling together various experiences and by highlighting the findings. Building on this point, there was also a call for further cross-regional dialogues to allow for cross-fertilization of experiences and ideas. The meeting was concluded by Mr. Alexandre Trepelkov, Chief, Multi-stakeholder and Outreach Branch, 51Թ Financing for Development Office, who thanked all the participants for attending and conveyed his appreciation to TiE for its support. Annex Program for ad hoc expert meeting on Strengthening the business sector and entrepreneurship in developing countries: the potential of diasporas Date: 5 October 2006 Venue: 51Թ, Conference Room 8 9.30 a.m. 9.45 am. Welcome: Mr. Oscar de Rojas, Director, Financing for Development Office, 51Թ Department of Economic and Social Affairs and Mr. Parag Saxena, President, Tri-State Chapter of The Indus Entrepreneurs 9.45 a.m. 10 am. Opening Remarks: Mr. Jomo Kwame Sundaram, Assistant Secretary-General for Economic Development, 51Թ 10 a.m. 11.30 am. Session I: Overview and setting the stage Moderator: Mr. Rajat Gupta, Senior Partner Worldwide, McKinsey and Co Speakers: Mr. Devesh Kapur, Professor and Director, Center for Advanced Study of India, University of Pennsylvania Mr. Yevgeny Kuznetsov, Senior Economist, World Bank Mr. Chukwu-Emeka Chikezie, Executive Director, African Foundation for Development, AFFORD 11.30 a.m. 1p.m. Session II: Strengthening linkages and facilitating trade, skills and knowledge transfer Moderator: Mr. Barry Herman, Senior Fellow, New School of Social Research Speakers: Ms. Jennifer Brinkerhoff, Associate Professor of Public Information and International Affairs, George Washington University; Ms. Wanja Michuki, Chief Executive Officer, Highland Tea Company; Ms. T.A. Banjoko, Head, Africa Recruit Ms. Molly Pollack, Executive Director, Chile Global Mr. Richard Tan, Chief Executive Officer, Pacific Millennium Corporation 1.00 p.m. 2.30 p.m. Luncheon. Luncheon speaker: Mr. Parag Saxena 2.30 p.m. 4.00 p.m. Session III: Channeling finance Moderator: Mr. Arun Kashyap, Private Sector Development Adviser, 51Թ Development Programme Speakers: Mr. Kai Schmitz, Executive Vice President and Chief Operations Officer, Microfinance International Corporation Mr. Suni Munshani, Chief Executive Officer, Novitaz Ms. Marsha Wulff, Founder and Principal, Wulff Capital Ms. Lenora Suki, Associate Director, Center on Globalization and Sustainable Development, The Earth Institute at Columbia University 4.00 p.m. 5.30 p.m. Session IV: Enabling policies and institutions Moderator: Mr. Manuel Montes, Chief, Policy Analysis and Development Branch, Financing for Development Office, Department of Economic and Social Affairs, 51Թ Speakers: Ms. Nienke Stam, IntEnt Ms. Natasha Iskander, Assistant Professor of Public Policy, Wagner School of Public Policy, New York University Ms. Lisa Curtis, Private Sector Adviser, UK Department for International Development (DFID) Ms. Liesl Riddle, Assistant Professor of International Business and International Affairs, George Washington University 5.30 p.m 6.00 p.m. Conclusions and Next Steps     PAGE  PAGE 15 !"#+12:PQRF G P 9 < C ;<snopq¾¯««¾ƣ~hh]\ huN \ hma\h&CJ\aJ h 3>* hma>*h 3h 3>*h h8kh8kh8khh$,hmah5 h >*h h >*h hJNh >* hJNh h h- h++5hOhP51!12F G =>opq $7$8$H$a$gd]gduN $a$gd5gd $ & Fa$gd4 $h^ha$gd5gd4$a$gd $a$gdPж%Wq{- 23k"8>?CKS DEݼݼݼݼݼݼݼݲݼռռ h=\ hQ\ h/@\ hWm\ hzL\ h\ h\hh]\ h~OM\ hbC\ hbC5\hbChbC\hh]5\Fhi56DE$a$gdqr|gd0 $h^ha$gd6Pf $ & Fa$gd6PfgdUP $h^ha$gduN $ & Fa$gduN h^hgdUPgduN $7$8$H$a$gduN $7$8$H$a$gd]$ & F7$8$H$a$gduN !"Vav/Ejghil!"CEGNY>^h56ٺ~h6PfhE)hh +hM h$ hedhUPhuN hedhBhWLhUP h >*hUPhUP>*#huN 56CJOJQJ]^JaJ hU\hhOs^\ hOs^\ huN \ h \ h&\ hF\ h/@\hh]\.6DEIUV[\_goE s z W!!!!!!!!""!""""#'#-###W$$$%%%%b%l)p)x){))))))))))))ĽIJܜܠܠܜܘh;8hTmhV_ h>? 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