Inbound remittance picking up

BANGLADESH is back in the green as it posted strong remittance earnings to the tune of US$15 billion in the current fiscal. As per a World Bank forecast, remittance is set to grow by more than 8.6 per cent this year compared to a meagre 2.66 per cent in the preceding year. There is every reason to rejoice at the surge in remittances helped by a reduction in cost of transfer of funds with the introduction of technology that has helped process digital payments. Similarly, the lifting on a freeze on taking in Bangladeshi expatriate workers by key international labour markets, particularly Saudi Arabia and the UAE has helped matters substantially.

While those are the positive aspects of the growth in remittances, there is every reason to keep up efforts to remove the legal bar in other Gulf countries. We simply cannot overemphasise the crucial role remittances play in helping Bangladesh meet crucial import bills. Given that Bangladesh has yet to attract significant foreign direct investments on a year-to-year basis, foreign exchange earnings by way of remittance remain a vital lifeline for the economy at large.

Looking beyond traditional labour markets remains a key concern for future growth of expatriate labour from Bangladesh. Skills development remains an Achille's heel for our workers to move up in the value-added chain. The question of effective labour officers in our foreign missions remains an issue and needs to be addressed in the near term so that the question of 'legality' of our workers abroad does not arise in the future.