Financial analysts and businesspeople at a conference today stressed the need for investing the hard-earned remittances of Non Resident Bangladeshis in the productive sector to give a big boost to the economy. ‘Remittances are being used for purchasing flats and lands, which are not productive,’ Khadaker Ibrahim Khaled, former deputy governor of Bangladesh Bank, told the inaugural session of World Conference Series/2014 on ‘NRB Talent, Remittances and Investment for Development’ at a hotel in the city.
Centre for NRB arranged the conference to unify NRB talent and resources.
Chairperson of the centre Shekil Chowdhury presided over the conference while Bangladesh Bank governor Atiur Rahman spoke as the chief guest.
Former governor of Bangladesh Bank Mohammad Farashuddin, president of Federation of Bangladesh Chambers of Commerce and Industry Kazi Akram Uddin Ahmed, US ambassador in Dhaka Dan W Mozena, European Union ambassador in Bangladesh William Hanna and additional research director of Centre for Policy Dialogue Khondkar Golam Moazzem, among others spoke on the occasion.
Kazi Akram said, ‘We want to see the hard-earned money of the expatriate Bangladeshis invested in the productive sector.’
NRBs deserve more recognition for their contributions to the economy, Khondkar Moazzem said adding that many unresolved issues regarding the interest of the expatriate Bangladeshis are yet to be resolved.
There is not much information on how much investment by NRBs has taken place so far, he said and suggested that Bangladesh should sign bilateral agreements with the countries for legal treatment of NRBs abroad.
Atiur Rahman said NRBs are working like a bridge to connect Bangladesh with the whole world. They are contributing to the society in different ways, he said.
He, however, differed with the remarks made by some discussants saying that ‘I don’t agree that remittances are not being invested in productive sector, the country witnessed a lot of investment of remittances in many productive sectors.’
‘It is not true that NRBs are spoiling their hard-earned money by investing in the unproductive sector’
The BB governor cited many examples including investment of remittances in the SME sector even in the rural areas and banking sector. Besides, he said, many NRBs are launching large investments.
Atiur favoured a combined effort of the Centre for NRB, National Board of Revenue and the central bank to address all the problems the NRBs are facing.
Referring to the long and historical relations between Bangladesh and EU, Willam Hanna said Bangladesh’s exports to the EU increased by 57 per cent during the last three years braving the global financial down turn. After China, he said, Bangladesh has become second largest trading partner of the EU.
‘Trade is important for the growth of Bangladesh. The EU will continue support for Bangladesh in the next seven years to bolster its economy,’ said the EU ambassador.
-With New Age input
