Manpower export rises substantially

The export of country's manpower to foreign countries has been increasing substantially, giving a rise to remittance inflow, Bangladesh Economic Survey -2007 says.

The country made a record in manpower export, as the number of workers going abroad reached to almost double in the first 10 months of the outgoing fiscal year comparing to the same period of the previous fiscal year that ends today.

More than 4,21,000 workers of different categories had left the country with overseas jobs during this period and they sent remittances amounting to Taka 3748.54 crore (equivalent to US$543.74 million) till April, 2006-07. With this, the amount of remittance inflow may surpass 6 billion dollars in the current fiscal year to be ended on June 30.

Bangladesh sent 47,51 000 manpower to foreign countries during the year 1976 to April 2007. Some 68,147 Bangladeshi female workers have been employed abroad, of whom 6,033 went abroad in the four months of state of emergency.

Officials of the concerned ministry expected further rise in manpower export as many countries have assured government to recruit more people from Bangladesh.

The Korean government would recruit 50,000 workers from 14 countries, and under a special package they would recruit some 10,000 workers from four countries including Bangladesh. The Malaysian government has so far approved recruitment of 269,978 Bangladeshi workers.

Bangladesh's remittance inflow saw a sharp 26.30 per cent boost, fetching 4.91 billion US dollars during July-April period of the 2006-07 financial year. Remittances in April 2007 stood higher at US$545.93 million, against US$537.29 million of March and this was also higher than US$410.39 million of April, 2006.

As the central bank continues its efforts to encourage NRBs to send their money through banking channels, remittance inflow has so far been able to see a strong growth.

Private commercial banks have also become more aggressive in remittance business offering quick and reliable services and attracting Bangladeshis abroad to send their money through legal channels.

Remittance has also become a good source of income of some foreign banks with strong network in Bangladesh.

Bankers said the government's recent measures against "hundi", an illegal way of money transfer, encouraged the Bangladeshi wage earners to send money home through legal channels.

The non-resident Bangladeshis send roughly 7 billion dollars every year and a significant amount of the total amount still comes through "hundi".