Remittance has long been an integral part of our economy. It plays an important role in the country’s economic development and thus helps reduce poverty and improve the standard of living. As a consequence of the government’s various initiatives coupled with oil price hike in the middle-eastern countries and the rise of Taka against Dollar, the tempo of the country’s remittance inflow has remarkably progressed over the last years. Moreover, expat workers’ hard-earned money, sent through proper channels, immensely contributed to the increased inflow.
It is envisaged that Bangladesh has a lucrative prospect of earning $100 billion remittance in a year exporting skilled workforces abroad. In FY 2018-19, Bangladesh received a record $16.4 billion remittance from about 12 million overseas workers. We are told that with the same number of people working abroad, the remittances can be over $100 billion, if only this young population is trained in new technologies.
If we can send more skilled workers
in new and potential destinations,
the remittance flow will
increase manifold in the future
Reportedly, last year Bangladesh has secured the ninth position in the world and third in South Asia in terms of remittance earning. It is expected that the flow would continue in the upcoming fiscal as the government and the central bank are working sincerely. But at the same time it is also undeniable that if we can send more skilled workers in new and potential destinations, the remittance flow will increase manifold in the future.
Remittance is perceived to be a driving force for fostering country’s economic growth. Apart from reducing poverty remittance, it helps us to start new jobs and organizations by providing capital. But it is dissatisfying to note that larger portion of the remittance comes only from ten countries; hence, more stress on finding new work destinations should be given in no time. In this regard, we need to encourage more European countries to take our workers. And in order to do that, we must ensure that they are skilled and have basic knowledge about foreign languages as well as adaptation abilities. Also we must ensure proper training for foreign jobseekers before sending them abroad.
Therefore, emphasis should be given on the need for grooming and employing skilled hands and diligent personnel abroad. Authorities concerned should therefore open more vocational training centres and invest more in the education sector in order to produce and send more skilled workers. Also there is a need to facilitate the banking system for migrant workers so that they can easily send home their hard-earned money.