How migrants could boost the development of Bangladesh.

An estimated 13 million Bangladeshis live abroad, both temporarily and permanently, in among 162 countries. Bangladeshis are the world’s sixth-largest migrant population.

They migrated for a variety of reasons, including employment, education, and a higher standard of living. Whatever the reasons for their emigration, they stay attached to their roots–their nation of origin, Bangladesh.

They may be thousands of kilometres away from Bangladesh, but their nation keeps a particular place in their hearts. With this strong empathy and connection comes an urge and passion for the advancement of their their nation.

A recent example would accurately portray the reality. Bangladeshis residing in Australia have asked the country’s parliament to donate 50 million vaccinations to Bangladesh as a gift. They are going above and above to assist Bangladesh, which is dealing with an increase of Covid-19 infections. They are making efforts because they truly care about Bangladesh, their friends and relatives who still live there, and their fellow countrymen. This form of aid from non-resident Bangladeshis (NRBs) is critical for a rapid recovery from the century’s epidemic. 

In a separate incident, the Bangladeshi population living abroad reacted concern when an English web series featured a conversation that unfairly degraded the “Made in Bangladesh” brand. This is also a reflection of their strong loyalty, patriotism, and love for Bangladesh.

Bangladeshi immigrants, particularly those staying abroad temporarily as migrant workers, have played an important role in Bangladesh’s growth by bringing their earnings back home. Not only does this money help hundreds of thousands of households in Bangladesh, it also contributes to the country’s economic progress.

This year, Bangladesh’s foreign currency reserves surpassed $46 billion due to remittances. Foreign reserves are necessary to cover import bills and preserve the balance of payments, and they are a significant aspect in determining the country’s credit ratings.

Despite the effects of Covid-19, which had a negative influence on global remittance flows last year, Bangladesh received $24.78 billion in remittances during the previous fiscal year.

On the other hand, many Bangladeshis and their children now live permanently in other countries, where they have formed an essential component of their communities. Many NRBs have greater levels of education, specific abilities, technological competence, and much better salaries.

Many of them are successful businesses with significant assets in their home countries, and many have key positions in government as politicians and senators.

In addition, several Bangladeshis are well-known scientists, academics, and researchers. They demonstrated their worth and established themselves as leaders in their respective industries.

Even the second and third generations of NRBs are achieving remarkable results in several nations throughout the world.

For example, we can proudly mention three Bangladeshi women living abroad who have made us feel proud, honoured, and delighted in recent weeks: Sadia Khanom, who invented a disinfectant spray that kills pathogens; Kishwar Chowdhury, a Bangladeshi contestant who finished third in the MasterChef Australia competition; and Azmeri Haque Badhon, who stole the spotlight at the Cannes Film Festival for her film “Rehana Maryam Noor”. All of these accomplishments were inspirational and rewarding scenarios for us.

Their utilises and success have won them a personal reputation and brought pride to Bangladesh in their home countries, as they contributed to Bangladesh’s positive image on the world map.

However, NRBs can have a considerable impact on Bangladesh’s financial, social, and economic problems. As a result, we must critically consider and develop ways to engage them in a well-coordinated and successful manner.

NRBs may also play an essential role in Bangladesh’s growth by investing directly in critical and growing sectors. Bangladesh is an excellent location for investments in growing sectors, particularly high-value-added textiles.

Bangladesh has succeeded in increasing the capacity of its core textile sector, particularly knitted textiles. However, the capacity of the woven textile sector remains modest, meeting approximately 35-40% of our export demand. As a result, we will require additional capacity in both woven and non-cotton textiles in the future.

Other achievable investment sectors include artificial fibre-based yarns and textiles, as well as functional fabrics such as polyester, viscose, spandex, and mélange.

Apart from textiles, there are excellent investment potential in ICT, light engineering, jute, leather, pharmaceuticals, ceramics, bicycles, and shipbuilding.

In the fourth industrial revolution age, Bangladesh’s ICT sector represents a high-potential investment opportunity. Currently, a few Bangladeshi organisations are experimenting with artificial intelligence, data analytics, and business intelligence.

NRB engineers who work for the world’s highest-profile IT firms can invest in this industry. They can also contribute significantly to Bangladesh’s human capital development through knowledge spillover and technology transfer. Since Bangladesh is now experiencing a golden age of demographic dividend, these initiatives will be beneficial in producing a highly competent workforce.

Bangladeshi embassies overseas can engage the diaspora community to help enhance Bangladesh’s human, cultural, social, and economic capital.

Migrant Bangladeshis may also be a tremendous aid in bilateral dealings because they are familiar with a country’s regulations and norms. A database of researchers, entrepreneurs, skilled professionals, and policymakers NRBs can be created to improve interconnectivity.

However, the government must provide a beneficial climate for NRBs in order to attract them to invest in Bangladesh. The government might consider creating a special economic zone for NRB investors, where they would receive preferential treatment.

The Bangladesh Bank has given NRBs the ability to invest in a variety of bonds. This is absolutely a fantastic project. Furthermore, Bangladesh’s capital market has the potential to attract international direct investment, with the NRB community playing an important role.

However, all of them require tight compliance, financial discipline, and accountability so that investors may be certain that their investment is secure. Furthermore, a one-stop service centre may be established to make the NRB investment process more user-friendly.

NRBs have the potential to significantly improve Bangladesh’s worldwide image. Bangladesh has a lot of success stories and potential to share with the world. But we are still lacking in this area. On the contrary, entrenched interests have always worked worldwide to ruin Bangladesh’s reputation by propagating propaganda based on misinformation and manufacturing processes.

Millions of Bangladeshis living in many areas of the world form a significant customer base that imports clothing, among other items.

If clientele select “Made in Bangladesh” outfits when shopping and offer them as gifts to their international friends, it will have a big influence on our apparel exports. It will also help to promote the “Made in Bangladesh” brand.

We must appreciate the contribution that NRB populations make to development initiatives. Government support in exploiting this mostly untapped region by building a healthy atmosphere and a policy framework is critical so that Bangladeshis residing abroad may contribute to Bangladesh’s growth.

Countries such as India, Japan, and the Philippines can provide valuable insights into how to make the most of the migrant network.