Recognition of expatriates’ contribution to economy stressed

Speakers at a session of exchange of views in Lisbon have stressed the need of recognising the contribution of the expatriates to the economy of Bangladesh.

They also demanded removal of harassment and constraints that the expatriates face at the airports of Bangladesh and asked for more funding for expatriate’s dead body repatriation and financial assistance for needy expatriates and their families on their return to Bangladesh.

Remarking that expatriates contribute to building of foreign currency reserve in Bangladesh, the speakers called on the Bangladesh government to keep an eye on the reserve lest it be leaked or wasted.

As regards increasing remittance to Bangladesh, some of them urged the expatriate Bangladeshi businessmen to recruit more Bangladeshi workers in their businesses. Bangladesh Embassy in Lisbon arranged the event with the members of the Bangladeshi expatriate community in Lisbon on December 7 on ways to increase remittance from Portugal to Bangladesh. The session was held at the auditorium of the Chancery building of the Embassy.

Leaders, businessmen, entrepreneurs, journalists and other members of the Bangladeshi community from Lisbon, Porto and other parts of Portugal attended the session.

At the outset of the session, Bangladeshi expatriates were invited to express their ideas and recommendations on how to enhance the flow of remittance to Bangladesh through legal channels.

Several community leaders, businessmen and general expatriates spoke.

The speakers expressed the feeling of satisfaction that expatriates had been playing a role in the socio-economic development of Bangladesh through their remittance. The speakers also acknowledged the importance of sending their remittance through banking channels.

They also felt the need of formation of a Bangladeshi business association in Portugal. If formed, the association could play a critical role in pursuing their interests with the Portuguese authorities, they remarked.

Some speakers also indicated that a ceiling set by the Portuguese government on the amount of remittance in a given period of time is hindrance to remittance of bigger amount through banking channel.

They requested the Embassy to take up this matter with the Portuguese government to relax this ceiling.

Ambassador Tarik Ahsan commended the Bangladeshi expatriates for sending to their dear ones in Bangladesh their hard-earned money that also helps development of the nation.

He acknowledged their contribution to the economy of Bangladesh, particularly in maintaining external balance of payment. Ambassador Tarik mentioned that Bangladesh was currently the seventh largest remittance receiving country in the world.

He said although Bangladesh received 24.78 billion USD in the financial year 2020-21, it was reduced to 21.03 billion USD in the last financial year 2021-22.

He indicated that, in the current financial year, remittance flow declined in September and October, but picked up again in November.

The Ambassador said if remittance-to-GDP ratio of Bangladesh, which is now 6%, could be at par with that of some of her neighbours, which is at least 9 %, Bangladesh annual remittance could reach 40 billion USD.

He called upon the Bangladesh’s expatriate community to come forward to make Bangladesh a top remittance receiving country in the world and make Portugal a significant remittance sending country to Bangladesh.

Ambassador regretted that sending remittance through non-banking channels helps money laundering from Bangladesh to foreign countries.

He also remarked that transaction through illegal channels may give a better rate, but ultimately it does not benefit the recipients much.

He argued that such illegal transactions lead to shortage of hard currency and consequent devaluation of Bangladeshi Taka, which leads to increase of cost of living in the country.