Remittance to soar if youths trained on new tech: ADB

Bangladesh can receive as much as $100 billion from remittance if the country’s huge volume of young population is trained in new technologies, said the Asian Development Bank yesterday.

In fiscal 2018-19, about 12 million migrant workers sent home $16.4 billion.

“One of the fascinating technologies of our times is the blockchain technology,” said Manmohan Parkash, country director of ADB, in an international conference on blockchain technology organised by the ADB.

Blockchain is a cutting-edge high-level creative technology that can revolutionise many areas of modern life by improving transparency, accountability and efficiency in service delivery, governance, financial sector, industries, trade and other areas. The ADB organised the two-day event with a view to introducing the blockchain technology in Bangladesh, inspiring dialogues among stakeholders and identifying areas where the technology can be used to unleash the growth potential of the country.

Finance Minister AHM Mustafa Kamal inaugurated the event at the Bangabandhu International Conference Centre in Dhaka.

“Bangladesh will achieve double-digit growth within the next five years,” he said.

After the completion of the Padma bridge the country will see 1 percent economic growth (GDP) while the other under-construction mega structures will generate the rest of the expected growth.

“We have been achieving 8 percent growth for the last few years, which is the highest in the world, and technology adoption will also lead us.”

Bangladesh is now the world’s 30th largest economy and it will become the 26th largest by 2030. By 2041 Bangladesh will reach the top 20.

“We are adopting technology rapidly and already we introduced it in our curriculum,” he added.

Experts from Australia, India, Sweden and the US attended the event along with policy makers, senior officials, private sector leaders and technology experts from Bangladesh.

The international conference aims to unleash the potential of blockchain applications. It also provides a venue to conduct dialogue with the government, private sectors and academia.

The ICT industry, educated youths, the private sector and the government can benefit from the early adoption of home-grown blockchain solutions to resolve problems, create new startups and jobs, attract investment and develop world-class business environment, experts said.

Traditional banking jobs may disappear, bankers will become advisers, stockbrokers will no longer earn commission, and people will directly transact, so in this system blockchain will create an impact.

Investing early in these technologies will help countries reap full benefits and develop a modern society, they added. Experts also warned the authorities about some risks as well with its massive opportunities.

Tawfiq-e-Elahi Chowdhury, prime minister’s power, energy and mineral resources affairs adviser, and Farida Nasreen, acting secretary of the Economic Relations Division, also spoke.