Both male and female migrant workers contribute to the economy of Bangladesh by sending remittances. They also bring back new knowledge, skills and technology. Recent studies have shown that left behind members of migrant families and the return migrants contribute more compared to non-migrant families in modernizing agriculture by using mechanized equipment, high quality seeds, insecticide and ensuring adequate irrigation. Migrant families are also contributing in creating the new trend of rejuvenation of rural economies through cash crop production, fisheries, poultry etc. Through their improved purchasing power they directly influence the rural market places. Besides, over the last nine years Bangladesh could maintain the status of a country with surplus balance of payment due to constant flow of remittances. Net foreign exchange earning through migration is 3.3 times higher compared to that from the RBG and 7 times more than the foreign aid received by the country. Migration is indeed the golden deer of Bangladesh. This piece makes an assessment of the achievements and concerns in the area of migration in 2013.
Since 2000, in the face of demands from civil society organizations, successive governments of Bangladesh have taken measures to better govern the sector. Reform of 2006 Overseas Employment Policy, enactment of 2013 Foreign Employment and Migrant Welfare Act, decentralized system of online registration of workers are some of the important steps taken by the government in 2013. However, 2013 is particularly a year of concern for those who monitor trend of labour migration from Bangladesh. This year the flow of labour migration has reduced significantly. However, an upward trend of migration from other sending countries to concerned destinations where Bangladesh sent workers continued.
Since 2000, in the face of demands from civil society organizations, successive governments of Bangladesh have taken measures to better govern the sector. Reform of 2006 Overseas Employment Policy, enactment of 2013 Foreign Employment and Migrant Welfare Act, decentralized system of online registration of workers are some of the important steps taken by the government in 2013. However, 2013 is particularly a year of concern for those who monitor trend of labour migration from Bangladesh. This year the flow of labour migration has reduced significantly. However, an upward trend of migration from other sending countries to concerned destinations where Bangladesh sent workers continued.
THREE MAJOR COUNTRIES:
KSA + UAE + USA:
2009-10 -- 3,427 (31%) + 1,890 (17%) + 1,451 (13%) = 6,768 (61%)
2010-11 -- 3,290 (28%) + 2,002 (17%) + 1,848 (16%) = 7,140 (61%)
2011-12 -- 3,684 (29%) + 2,404 (19%) + 1,498 (11%) = 7,586 (59%)
2012-13 – 3,829 (26%) + 2,829 (20%) + 1,859 (13%) = 8,517 (59%)
CONTRIBUTION OF REMITTANCE:
1. Used for import,
2. Meeting international obligation,
3. Mitigating unemployment problem,
4. Make balance of payment stable,
5. Import boosted by remittances is a source of additional revenue collection in the form of vat and import duties,
6. Contribute to exchange rate stability and even to some exchange rate appreciation,
7. Remittance in rural area boosts consumption,
8. Help to expand business in agriculture products and construction materials, TOOLS
FOR INVESTMENT OF REMITTANCE: The government is offering different savings instruments for the non-resident Bangladesh to attract remittance that will boost the local economy. The government is offering following savings instruments:
1. Non-resident foreign currency deposit
2. Resident foreign currency deposit
3. Non-resident investors take account
4. Wage earner development bond
5. US dollar investment bond
6. US dollar premium bond