Remittance growth heartening

While export earning is declining we have positive news in a sizeable foreign exchange reserve at US$5.45billion building up on robust remittance inflow from July-October period of the current fiscal. The growth in remittance is 28.38 per cent compared to the corresponding period of last fiscal year.
The factors contributing to a significant growth of remittances are easily identified and these need to be built up on for further success in the field. In the first ten months of 2006-07 fiscal the number of manpower exported stood at 4.21 lakh indicating a 83.14 per cent rise from the previous level. Imagine all the predicaments faced in terms of labour returnees from some countries due largely to fraudulent practices by employment agents. We have to basically put our house in order. Then if by engaging the traditional sources of our manpower export into working out suitable arrangements for safe and adequate working terms and conditions for our job seekers how much more could be the benefit for us! It would be of tremendous gain to us should the expatriate welfare ministry make a worldwide survey of the types of job demands in various countries and then build a training infrastructure domestically to turn out a far greater number of eligible applicants for jobs abroad.
One of the causes for remittance increase is attributed to wage earners opting out of hundi and taking to legal channels which get reflected on the bank records. The Bangladeshi banks links with more foreign exchange houses on commission basis to funnel remittance through banking system is paying good dividends. The private commercial banks are being successful in providing remittance services.
All this is very good, but it is our considered view that the governments have done very little in attracting investments from non-resident Bangladeshis (NRBs). Let's not forget that most of the remittances go into consumption and create inflationary pressure. It is economic commonsense that has been most uncommon in our case that we have not got around to the business of drawing investment from NRBs in productive sectors. India and Pakistan have benefited largely from their expatriate communities' earnings abroad by giving special incentive packages for their investment. In our context, some NRBs have moved into the housing sector but are known to have stumbled there.
It is time the planners put their heads together and add to the regulatory commission's agenda the longstanding demand of the NRBs for a rewarding role in our economy.