Let foreign remittance be utilized in productive sector
Published : Thursday, 17 January, 2019 at 2:08 PM Count : 1149
Bangladesh, being one of the least developed countries, had continuously been sending thousands of unskilled migrant workers abroad since 1976. By exporting fully untrained workforce, the economy sees a sharp rise in foreign remittance. Close to $15 billion foreign remittance, so far contributed to the economy, is a milestone. Our import-oriented economy is gradually becoming self-dependent. The credit goes to the expatriate workers.
To be sure that the workers who live from hand to mouth while staying abroad by sending most portion of compensation to their dear and near ones, deserves appreciation no doubt. But, best dealing of their remittance is not noticed in economic activities countrywide broadly. Truly speaking, the lion’s share of remittance is being used to build various shapes of dwelling places and commercial establishments aiming to run a business or for rent.
Unfortunately there is no tendency by the remittance senders and receivers for its investment in manufacturing sectors- large or small, resulting in no significant contribution to the economy.
Ultimately, a large number of workers abroad while landing on their homeland (Bangladesh), see no bank balance since they felt no necessity for investment in productive sectors with their wages.
Most people who already passed two-thirds time of their life abroad with a view to changing their economic fate, find no ways to manage their livelihood immediately after returning to the country because they spent as their wish on luxurious goods instead of income generating sectors.
In fact, the economy is being deprived of nurturing billions of remitted money. The need for creating awareness among working expatriate people to run any business with the capital earned from foreign land is a must.
Around more than twelve million workers who had so far flown abroad to change their fate by working hard are contributing much by remitting hard-earned money to their family members at the end of every month.
The majority share of remittance goes to different outlets to be paid for luxurious goods after basic needs. Most relatives of the workers borrow from the money. Ultimately, there seen no economic development through investment of the remittance except purchasing some unnecessary goods.
It is surprisingly noticed that a section of people who had already been permitted to live in foreign lands permanently after getting citizenship certificate has no desire to invest here in the country. The reason of no intention to start a large scale investment in the country by Bangladeshi born elite class expatriates is political unrest, among others.
They are harassed in many ways by a section of dishonest influential people having political background while unveiling an enterprise. Even though, a large amount of cash money is extorted from the elite class expatriates in exchange of trade permission. Why they are caught and faced disturbance by the hands of trade related dealing authorities is undiscovered. It is time to give up these unholy practices that are often seen in most places where the authority is conferred responsible to give permission for doing business in the country.
State-owned Bureau of Manpower, Employment and Training (BMET) made disclosure that from the year 1976 to 2018, around USD 189,304.43 million has so far been sent to our country from 12,079,528 workers working in different labor hunting countries. BMET also made a projection that inflow of foreign exchange might rise up to $15 billion in financial year 2019-2020.
So, it is a great opportunity for economy if we can utilize maximum amount of the projected foreign exchange. If possible rural-level infrastructure might be built with migrant workers’ finance managed with the state management.
Nevertheless, the women are being empowered by ensuring work facilities at home and abroad. The role of them in economy beggars description since working class women engaged with jobs abroad send a significant share of their hard-earned income by working as house-keepers.
Bangladesh started sending women workers abroad since 1991, and since then, almost over 0.75 million women have flown abroad as workers. So, in view of rush of women workers, they have a role to move the wheel of economy by investing the money sent from abroad through which they can create a permanent income source.
In view of above statistics, as a nation we are exceptional to see continuous inflow of inward foreign remittance sent by the completely unskilled migrant workers. Forgetting the past mistakes, we have to take a sharp move together with migrant workers in terms of best usage of remittance in our economy, wherefrom good volume of return is expected.
So, we should be aware that the remittance is not utilized for unhealthy activities in the society instead of investment in economy. Thus the country’s rising economy would be able to compete with any developed leading economies in the world in terms of sustainability of growth in coming days.
The writer is a banker and he can be reached at: firstname.lastname@example.org