Editorial
Remittance earning boom
Let's break new grounds
Contrary to the notion created by occasional adversities faced by Bangladeshis in some manpower importing countries, remittances from Bangladeshi wage earners abroad have been steadily on a rising curve. Both in terms of volume and earning, manpower export from Bangladesh has registered a sharp increase, fraudulence by recruitment agencies and deportations notwithstanding. The dark patches are erased by positive tidings emanating from genuine breakthroughs made in manpower-short countries.
A total of 9,81,102 Bangladeshis went abroad in 2007-08 fiscal representing 74 percent increase over 5,63,584 people going overseas in 2006-07. Earning-wise growth is 44 percent during first quarter of 2008-09 compared to that of the corresponding period in the last fiscal. Non-Resident Bangladeshis (NRBs) sent US$ 2.345 billion to Bangladesh in three months between July and September topping US$ 1,629 billion during the same period in the last fiscal.
The higher remittance earning is attributed to anti-money laundering drive spearheaded by the central bank which has reduced recourse to hundi or despatch of money through unofficial channel. Basically, we believe, the commercial banks are in a fierce competition among themselves to attract remittance which has become a major source of foreign currency transactions for them. The quick and reliable services offered by them have prompted Bangladeshi wage earners to take recourse to banking channels. The banks may reduce their charges to attract more remittance. They could think of offering counselling services for productive investment by remitters through pooling of resources.
As a major pillar of foreign exchange earning, next to RMG sector, manpower export and consequent earnings from Bangladeshi wage earners need to be promoted by recourse to a special strategy. Our foreign missions abroad should be tasked to negotiate new employment opportunities for Bangladeshis in their countries of operation. There is a vast potential to tap in on employment prospects in Latin America, Africa and Europe. Let's break some new ground.
Taking a cue from other countries, known for their astounding success in the manpower export sphere, we must try and build a domestic infrastructure for training Bangladeshi manpower in keeping with the demand patterns of the importing countries.
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