Utilizing the Power of the Diaspora for Development in Eelam
Ruben Nagesparan Chandrakumar, BS
A nation’s wealth is a collection of family portfolios. By increasing each family portfolio even slightly, the entire wealth of a nation could experience significant growth. For each nuclear family in the diaspora that increases its portfolio of wealth, the resulting growth in the economy and cumulative wealth of Eelam is significantly larger than the same returns achieved by families within Eelam, due to the higher average incomes and savings in diaspora countries.
Thus, the need for Eelam diaspora professionals to be well-connected, financially literate, well-mannered, business-oriented, highly educated, and as wealthy as possible is of critical importance. The wealth and education of the diaspora open up opportunities for charitable causes, land preservation and stricter property rights, cultural preservation, political power and representation, economic development, infrastructure development, and much more in the country.
Tackling the issue of growing the diaspora economy could result in tremendous benefits for the most impoverished in the homeland. There are three key attributes to growing the diaspora economy. The first is through specialized, market-valued education. This is the most critical aspect of establishing a level of security in the economy because it enables each individual to acquire skills needed to provide a valuable good or service. The second is through financial literacy. While many diaspora professionals are in the financial sector, many are not and lack basic financial literacy, which could drastically improve their specific situation. By ensuring that each unaware family improves their financial management, the wealth of the diaspora would increase, and the savings would compound. The third is through establishing professional networks for the Eelam diaspora. By building a strong professional network and providing networking opportunities—like all successful nations strive to do for their citizens—the diaspora could help each other succeed academically and professionally. Success in both academia and industry is paramount to the establishment of a durable, prosperous economy.