Nat'l human resources dev fund will be created

Shakahwat Hossain brThe finance ministry will create a 'National Human Resource Development Fund' to facilitate skill development of the private sector workforce to bolster the country's overseas job market, officials said Thursday.brThe amount of the fund will be equivalent to one per cent of the annual remittance sent by expatriate workers, said a senior finance ministry official on condition of anonymity.brMore than 5.6 million Bangladeshis working in over 100 countries across the globe sent home US$7.939 billion in 2007-08, up by nearly $2.0 billion over the previous fiscal's remittance.brThe country is expected to earn about $10.0 billion worth of remittance in the current fiscal, which means the size of 'National Human Resource Development Fund' will be around $100 million, said the official. brThe fund will be utilised for providing incentives, tax breaks, cash and grants to companies that will invest in manpower skill development such as training.brSuch steps will help the country raise skilled manpower. The country needs skilled manpower badly as many countries across the globe are showing more interest to recruit only skilled manpower, said the official. brThe finance ministry will operate the fund in consultation with the ministry of expatriate welfare and overseas employment (MEWOE) that looks after the country's growing manpower business.brThe ministry took the initiative to establish the fund following a decision taken by the better business forum recently.brThe forum, constituted by the public and private officials and business leaders under the present caretaker administration, has made recommendations for the betterment of the country's business.brAn official of the MEWOE said the initiative is good against the backdrop of a sharp decline in overseas jobs for the Bangladeshis in recent months, especially in Middle East countries.brOverseas jobs dropped by about 38 per cent in August compared to the previous month due to a decline in demand in the Middle East and Malaysia for the unskilled workers.brAccording to the ministry data, some 54,708 Bangladeshis found jobs in August, 88,202 in July and 98,002 in June.brThe countries in the Middle East, home to more then 50 per cent of the expatriate Bangladeshis, shut their doors for the unskilled workers. They are, however, still interested to employ skilled and semi-skilled Bangladeshi workers, said the official.brThe official said like the Middle East countries many European nations have long been showing interest to recruit skilled manpower that the country lacked severely.brThe country failed to produce skilled manpower despite a number of initiatives in the past, he said.brThe present initiative is expected to pay dividend as it will encourage involvement of the private enterprises as it offers the package of incentives, including the tax waiver.brWorkers' remittance plays an important role in improvement of the country's economy that grew more than 6.0 per cent in the last two fiscal years. brThe country's income from the remittances doubled in four years time reaching $7.939 billion in the last fiscal year from $3.84 billion in 2003-04.brIncome from the remittances in 2007-08 was almost 57 per cent of the country's export earnings and it helped the economy indirectly to maintain its balance of payment despite two rounds of floods and a severe cyclone during the same fiscal.