With the onset of globalisation, it is widely believed that policymakers and practitioners in both homeland and host countries share a common goal in harnessing and strengthening the role of diasporas in their countries’ economic development. This paper aims to explore how Diasporas can be effectively leveraged in the economic engagement between the host and homeland by serving as international actors, disseminating information, and acting as goodwill ambassadors. The author will first provide an etymological derivation of the term “Diaspora” and then discuss how it gained academic legitimacy, later being incorporated by government and non-government agencies into their economic and developmental policies. In the second section, it will also provide a brief description and conduct a comparative analysis of the Far East's economic engagement and its respective strategies with African countries. The third section will conduct a comparative analysis of the economic engagement between the Far East and India in Africa.