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An effective solution for earning foreign currency

Published : Thursday, 18 August, 2022 at 12:00 AM  Count : 1478

Reserve in foreign currency has become an existentissue around the world at present time. Earning foreign currency has become an instrumental factor in maintaining macroeconomic stabilization. In Bangladesh, we depend mainly on remittance and export for foreign currency. However, freelancing is a great way in earning foreign currency which potential need to harness.

One-third of the total population of Bangladesh is youth. The role of youth in the employment of this country is outstanding. According to a US-based research institute, the youth population is the largest in India at 356 million, China at 269 million, Indonesia at 67 million, the United States at 65 million, Pakistan at 59 million and Bangladesh at 476 million. These young people continue to play a role in the economy of Bangladesh by earning remittances through freelancing. Bangladesh is one of the major destinations in the global freelancing market. According to Forbes, Bangladesh is one of the top 10 countries in terms of income from freelancing. Bangladesh ranks eighth in freelancing income and Bangladesh's growth is 26 percent.

Mainly IT dependent tasks (e.g. - Web Development, Software Development, Writing & Content, Design, Multimedia & Architecture, SEO/SEM/SMM, Data Entry etc.) are done through freelancing. Among the countries that provide such services are India, Ukraine, Brazil, Argentina, Indonesia, China, Philippines, Russia, Pakistan, Panama, Nepal, Bangladesh, Romania, Malaysia, Egypt and many other countries. Among these countries Bangladesh has top potential as a source counting as we have huge young people who can learn easily and provide these services.

Depending on skills and experience, someone can find different jobs in the freelancing marketplace. Simple tasks include Search Engine Optimization, Article writing, Data Entry etc. Since the jobs are naturally simple, they are the most highly bid on and often difficult to find. But simple one week training might be often enough for many young people to start these jobs. Another types of jobs widely available in freelance market Web Development, Product Development, Software Development, Graphics Designing etc.

These jobs are a little more difficult than these. Harder jobs tend to pay more than easier jobs. Customer feedback is very important in freelance job. This is also a great opportunity. Because in other sectors of export brand image depends on many external issues. Price or wage is determined based on how complex the work is, how long it will take to complete, and experience of the freelancer. Fixed payment jobs range from $30 to $1,000 or more.It is good idea to become expert in one specific field of job depending some one's skills, capacity and market demand. Clients post jobs on various websites or marketplaces and freelancers apply for jobs based on skills and experience. If the client likes the freelancer, the client will hire him or her.

Despite being a significant contributor of the society, freelances are still unfortunately suffering from identity crisis. People in general do not see freelancing as a proper job and ignorance is often visible. Freelancer's ID is an identity card issued by the Government of Bangladesh to the freelancers and online workers. The Honourable Prime Minister inaugurated the Freelancer ID program for about 650,000 freelancers in the country on 25 November 2020.This ID card initiative intends to work towards providing long awaited social acceptance of freelancers and online workers within the community. It will also work as proof of employment and income in applicable situations.

The contribution of freelancers to the country's economy in the last few years is remarkable. A significant portion of the country's annual income comes from their work. According to the Bangladesh Department of Information Technology, freelancers earn 100 million dollar a year. In the context of the country's economy, the government needs to strengthen in this sector, which can generate a lot of foreign remittances. Outsourcing has affected the economy of Bangladesh and it is expected that the economy will continue to prosper.
The writer is serving as an assistant IT officer at Bangladesh Institute of Governance and Management

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