Media Release
Kuwait, Jan 29: 'Beyond Remittance', a two-day NRI Conference will be organized by Foundation for Enhancing Expatriate Life (FEEL), a new initiative of Kuwait Kerala Muslim Association (KKMA) for implementing its Model NRI project aimed at providing life skill enhancement training for NRIs, on February 9 and 10 at Ramada Hotel, Riggae, Kuwait.
The conference will focus on issues like retirement savings for an ordinary NRI. Despite their job or status NRIs remit money regularly, most on a monthly basis. The money is routed through hundreds of banks and exchange companies to several thousands of households in India. Then what happens to it? Where is the hard-earned money going? Can an ordinary NRI ever save for his retirement? - this will be the theme of the conference.
M M Hasan, former minister for NRI affairs in Kerala State, Padmashri holders of government of India Dr Azad Moopen and CK Menon, NORKA Roots CEO Noyal Thomas, Managing Director of State Bank of Travancore, Nandakumaran P., SBT’s Chief Manager for International Banking Business Jyothish Kumar, UAE Exchange Company’s chief operating officer Sudhir Shetty, Executive Director of Center for Information Guidance India NV Kabeer along with prominent business and community leaders from Kuwait will participate in this Conference. The Ambassador of India Shri Satish C. Mehta will inaugurate the Conference.
The Conference will begin on Thursday, February 9 with an Experts Dialogue session participated by financial experts, business executives and social leaders to review the role of government, financial institutes and social welfare organizations in fostering financial inclusion of lower income NRIs. The participants in Expert Dialogue shall explore different ideas and characteristics of savings products that can facilitate the commitment to save by lower income group of NRIs and how government can participate in such ventures.
The second day event on Friday, February 10, NRI Conference will be a series of plenary keynotes featuring prominent and visionary speakers, educational and motivational presentations, recommendations by subject matter experts, all for encouraging saving and investment habits among low income group of NRIs.
Background
About 25 million Indians abroad generate an annual income equal to 35% of India’s GDP. However, the existing evidence of the patterns of remittance usage in India suggests that although the country receives a substantial amount of remittances from Indians living abroad, the bulk of remittances are being mainly spent on housing and everyday consumption expenditure, rather than into productive investment. It is spent on daily living expense, including food and nutrition, health care needs, and the education of younger household members.
The 'Beyond Remittance NRI Conference' would come up with a set of recommendations to improve the impact of remittances by encouraging saving and investment habits among NRIs. The conference shall help identifying key issues and make appropriate recommendations for action by the government authorities, financial institutions and organizations for developing savings schemes aimed at NRI rehabilitation and retirement income.
The event is mainly supported by the State Bank of Travancore, one of the largest banking groups in India. It is also co-organized by all major exchange companies in Kuwait namely UAE Exchange, Lulu Exchange, Al Mulla Exchange, Kuwait India International Exchange, Bahrain Exchange, Al Muzaini Exchange, Dollarco Exchange and supported by Zain Telecommunications, Malabar Gold, Shifa Al Jazeera Medical Center and Apsara Bazar.
The Beyond Remittance Conference shall utilized the occasion to formally launch Foundation for Enhancing Expatriate Life (FEEL) and also honoring prominent personalities with NRI jewels award for their significant contribution for the welfare of NRIs in the gulf countries.