The Global Forum on Remittances, Investment and Development (GFRID) is part of a series of international forums, aimed at bringing together stakeholders from around the world involved in the field of remittances, migration and development, to stimulate the creation of partnerships and longlasting synergies among public and private sectors, and the civil society.
Since 2007, the Global Forums have been organized by the International Fund for Agricultural Development (IFAD) in collaboration with key partners, such as the Inter-American Development Bank, the African Development Bank, the World Bank, the European Commission and the United Nations Department for Economic and Social Affairs (UN-DESA).
The GFRID has become, over the last decade, a unique opportunity to discuss global remittance-related issues and find solutions to maximize the development impact of these flows. The last two forums – Milan 2015 and New York 2017 – saw the participation of over 400 representatives from the three sectors, and contributed to the global discussion on remittances, migration and development by raising further interest from different perspectives.
Bank Negara Malaysia (the Central Bank of Malaysia) will host the first in a series of regional forums aimed at exploring opportunities and challenges in Asia-Pacific, in line with global policies and priorities. The 2018 GFRID Asia-Pacific will take place in Kuala Lumpur on 8-10 May 2018, in collaboration with IFAD and the World Bank.
OBJECTIVES. The GFRID 2018 Asia-Pacific will build on recommendations made during the GFRID 2017 at the United Nations Headquarters in New York, and will highlight the latest findings and linkages between remittances and development in Asia-Pacific, particularly in the context of the 2030 Agenda for Sustainable Development, the Sustainable Development Goals (SDGs) and the process towards the adoption of a Global Compact for Safe, Orderly and Regular Migration. In particular, the GFRID 2018 Asia-Pacific aims at:
– resuming the debate initiated in Bangkok in 2013, to explore the recent developments and discuss the latest challenges, opportunities and concrete innovations from the previous Forum;
– updating the stakeholders on findings and realities from recent initiatives in the region;
– further engaging the public sector and regulators in creating an enabling environment to boost the development impact of remittances, and bridging the private and public sectors and the civil society;
– gathering Asia-Pacific countries to create a collaborative platform on remittances to provide solutions to the existing gaps and sharing Malaysia’s experiences particularly in terms of regulation and supervision of the remittance industry; and
– identifying adapted and scalable models of intervention and partners to implement future operations, particularly in the fields of (i) rural finance and financial inclusion and (ii) financing agriculture through diaspora investment.
OUTCOMES. The GFRID 2018 Asia-Pacific would prompt the creation of a multi-stakeholder platform on remittances, investment and development, to build regional ownership, and to provide continuity to the previous achievements, with the ultimate goal of feeding the dialogue on remittances, investment and development from a regional perspective and upscale the current successful initiatives. Broadly, the GFRID 2018 Asia-Pacific will have future legacy and meaningful follow-up actions. The Forum will be replicated in other regions, whereby a GFRID with a regional focus will be organized every two years with the support of a local host (as in the case of the Global Forum on Migration and Development, whose organization is led by a different member country every year).