Bangladeshi expatriates while at home deserve better deal
Saturday, 12 December 2009
A Z M Anas
Bangladesh faces the risk of losing the momentum of remittance flow unless the country takes decisive steps to reconnect its large pool of diaspora, warned a Bangladeshi-American community leader.
Abul Hashem Bul Bul, president of volunteers of American community (Bangladesh) USA, said that the next generation of Bangladeshis living in the United States or elsewhere in the world would severe relations with their country of origin and stop sending money for relatives.
"I doubt our third generation will maintain relations (with Bangladesh). This can have a damaging effect on the future flow of remittance," he said in an interview.
Workers' money-known as remittances-has become an economic lifeline for Bangladesh, cutting poverty and boosting domestic demand.
In 2009 financial year, remittance amounted to US$9.7 billion, dwarfing other flow of foreign exchange, notably overseas aid and investments and even net export earnings. It also accounted for about 11 per cent of GDP (Gross Domestic Product).
Some half a million Bangladeshis living in the United States sent home $1.6 billion-or 16 per cent of the total flow--at the same period, making it the third biggest source of Bangladesh's annualised remittance flow after the UAE and Saudi Arabia.
Zahid Hossain, a senior economist at the World Bank, has estimated that remittance will grow by 12.4 per cent, reaching $10.76 billion, if the country is able to deploy another 610,000 workers (annual average of 2006-2008) in the current fiscal.
But the Bangladeshi-born US community leader said that crucial foreign exchange would be in short supply in the long run if the government continues to overlook the interests of its 5.8 million-strong diaspora class.
"Services in our airports are not welcoming for expatriates. Rather they are sources of harassment," he said in a note of dismay.
He also urged the government to allow expatriates to exercise their voting rights, guarantee security of their assets and properties and provide tax incentives to strengthen ties with the diaspora community.
He said unskilled labour force, which constitutes the bulk of Bangladesh's migrant workers, will further complicate the country's efforts to draw in increased remittance.
"We've mostly unskilled and semi-skilled workforce who earns less than their skilled counterparts. They are also vulnerable to job loss during crisis," Mr. Bul Bul said.
Investment in skill development will pay off as it can dramatically increase the current level of remittance as evidenced in case of the Philippines, he added.
He insisted that a combination of economic and non-economic incentive package would help lure non-resident Bangladeshis and their future generations to maintain close connections with Bangladesh.
Mr. Bul Bul said many Bangladeshi-born American entrepreneurs are investing capital into the United States but the lack of safety and investment protection inhibits them from looking at their homeland as "a viable investment destination."
"Still, we don't feel safe. It's the job of the government of the day to allay that fear," the New York-based community leader said.
Citing examples, he said that many Bangladeshis are running successful businesses in supermarket, construction, chemical, pharmaceuticals and food industries in the world's biggest economic dynamo.
"If the state protects the life and property of a non-resident Bangladeshi, he or she will feel encouraged to invest in their homeland," Mr. Bul Bul said.
He noted that overseas Bangladeshis are ready to invest in the country's banking, information technology, housing, aviation and infrastructure sectors
"Like overseas Indians and Taiwanese, we can change the face of this country. Bangladesh can't afford to waste its time to tap the potential of its diaspora," he said.
Bangladesh faces the risk of losing the momentum of remittance flow unless the country takes decisive steps to reconnect its large pool of diaspora, warned a Bangladeshi-American community leader.
Abul Hashem Bul Bul, president of volunteers of American community (Bangladesh) USA, said that the next generation of Bangladeshis living in the United States or elsewhere in the world would severe relations with their country of origin and stop sending money for relatives.
"I doubt our third generation will maintain relations (with Bangladesh). This can have a damaging effect on the future flow of remittance," he said in an interview.
Workers' money-known as remittances-has become an economic lifeline for Bangladesh, cutting poverty and boosting domestic demand.
In 2009 financial year, remittance amounted to US$9.7 billion, dwarfing other flow of foreign exchange, notably overseas aid and investments and even net export earnings. It also accounted for about 11 per cent of GDP (Gross Domestic Product).
Some half a million Bangladeshis living in the United States sent home $1.6 billion-or 16 per cent of the total flow--at the same period, making it the third biggest source of Bangladesh's annualised remittance flow after the UAE and Saudi Arabia.
Zahid Hossain, a senior economist at the World Bank, has estimated that remittance will grow by 12.4 per cent, reaching $10.76 billion, if the country is able to deploy another 610,000 workers (annual average of 2006-2008) in the current fiscal.
But the Bangladeshi-born US community leader said that crucial foreign exchange would be in short supply in the long run if the government continues to overlook the interests of its 5.8 million-strong diaspora class.
"Services in our airports are not welcoming for expatriates. Rather they are sources of harassment," he said in a note of dismay.
He also urged the government to allow expatriates to exercise their voting rights, guarantee security of their assets and properties and provide tax incentives to strengthen ties with the diaspora community.
He said unskilled labour force, which constitutes the bulk of Bangladesh's migrant workers, will further complicate the country's efforts to draw in increased remittance.
"We've mostly unskilled and semi-skilled workforce who earns less than their skilled counterparts. They are also vulnerable to job loss during crisis," Mr. Bul Bul said.
Investment in skill development will pay off as it can dramatically increase the current level of remittance as evidenced in case of the Philippines, he added.
He insisted that a combination of economic and non-economic incentive package would help lure non-resident Bangladeshis and their future generations to maintain close connections with Bangladesh.
Mr. Bul Bul said many Bangladeshi-born American entrepreneurs are investing capital into the United States but the lack of safety and investment protection inhibits them from looking at their homeland as "a viable investment destination."
"Still, we don't feel safe. It's the job of the government of the day to allay that fear," the New York-based community leader said.
Citing examples, he said that many Bangladeshis are running successful businesses in supermarket, construction, chemical, pharmaceuticals and food industries in the world's biggest economic dynamo.
"If the state protects the life and property of a non-resident Bangladeshi, he or she will feel encouraged to invest in their homeland," Mr. Bul Bul said.
He noted that overseas Bangladeshis are ready to invest in the country's banking, information technology, housing, aviation and infrastructure sectors
"Like overseas Indians and Taiwanese, we can change the face of this country. Bangladesh can't afford to waste its time to tap the potential of its diaspora," he said.