Wednesday, May 29, 2024


Dhaka Tribune

Keeping remittance on the up

With Bangladesh’s increased importance and prosperity, this can no longer be ignored

Update : 05 Dec 2023, 09:07 AM

It is good to learn of the year-on-year growth in the month of November for Bangladesh; workers sent home $1.93 billion in November, an increase of 21% compared to last year. While overall remittance reduced from October, this is still a positive in a year which had initially seen our remittance continuously register negative growth.

Remittance continues to play a pivotal role in our economy, especially in these challenging times when our forex reserve is more volatile than it has been in quite some time. As such, it becomes imperative to not only recognize the importance of remittance but also to pro-actively enhance its inflow..

Strengthening diplomatic ties with host countries is of course the first course of action -- negotiating fair employment terms and fostering collaboration with international organizations can create an environment conducive to increased remittance.

However, for long term planning, a focus on skill development is crucial. Empowering our expatriate workers with enhanced skills not only makes them more competitive in the global job market but also positions Bangladesh as a hub for more skilled labour. Investment in education and vocational training programs can ensure that our workforce remains at the forefront of industries, ultimately boosting remittance earnings.

However, while strategies for increasing our remittance flow must continue to be explored, what is needed more than ever before is the assurance that our expat workers feel safe and protected in the host countries. We have historically not fared well when it comes to protecting our people, but with Bangladesh’s increased importance and prosperity, this can no longer be ignored. 

By fostering a conducive environment for increased remittance, investing in skill development, while never ignoring the welfare of our expatriates, we can strengthen this lifeline and ensure that the benefits of their hard work reverberate throughout our nation. 

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