18 Mar 2024
According to the World Bank, in 2022, Bangladesh was the 7th highest recipient of remittance inflows. This highlights the significant flow of funds from the UK to Bangladesh, indicating the potential for impactful financial support for various sectors, including sustainable agriculture.
Remarkably, with approximately 70,000 Bangladeshis residing in the UK, remittance is a vital link between these two countries. This creates a compelling opportunity to channel these remittances toward sustainable agriculture in Bangladesh. This article explores how overseas Bangladeshis can contribute to Bangladesh's sustainable agricultural growth while living abroad. Are you looking for a way to send money to Bangladesh from UK to contribute to agricultural yield? Let’s dig out together.
Over the past decade, the agriculture sector in Bangladesh has remained pivotal for the economy while contributing to GDP. Despite its importance, the sector's GDP share has declined from 17 percent in 2010 to 12.6 percent in 2020. So, how can Bangladeshis residing in the UK make it sustainable?
When expats seek opportunities abroad, they remain connected to their families and find ways to send money to Bangladesh. This narrative resonates across numerous Bangladeshi households. The remittances from the UK help sustain multiple households and foster agricultural sustainability within the country.
This finance enables the families of overseas Bangladeshi workers to contribute significantly to the country's rural economy. It is primarily attained by investing in various small-scale income-generating opportunities.
The inflow of remittance funds creates heightened demand for goods and services within rural communities. The "Household Income and Expenditure Survey 2016 indicates that about 68.44 percent of money transfer from UK to Bangladesh are meant to meet basic needs. An additional 27.98 percent was invested in other ventures such as education, healthcare, etc.
These remittance funds are also utilized to sustain agricultural production, as rural remittance-receiving families allocate significant portions of their funds toward irrigation. Let’s delve into how these goals can be achieved through remittances.
Bangladesh possesses a robust economy and a youthful population, providing an opportunity to address agricultural challenges that are hindering the country's vast economic potential. Despite income growth, the country's development progress needs to catch up, prompting the need for substantial agricultural investments.
Presently, Bangladesh faces annual foreign loan repayments of $2-2.76 billion, with projections foreseeing a rise in the future. The finance ministry estimates that foreign debt repayments, including interests, will escalate to $4.5 billion by 2025-2026. These growing external debt service payments strain the country's foreign exchange reserves. However, increasing exports, especially in agriculture, can help overcome the debt. As a Bangladeshi expat, you should try ACE Money Transfer’s remittance to send money online to Bangladesh from UK.
Bangladeshi expats living in the UK wield significant financial power that they can harness to support the struggling economy of their home country. Here are several impactful techniques they can leverage to contribute to Bangladesh's agricultural development effectively:
Bangladeshi expats can consider investing in agricultural ventures, including farmlands. These expats living in the UK can help sustain and advance Bangladesh's agricultural sector by making investments or providing aid to rural families.
Such investments also have the potential to create employment opportunities, enhance livelihoods, and ultimately contribute to the overall advancement of the nation's economy. With the ACE Money Transfer mobile app, you can easily make an online money transfer from UK to Bangladesh for such investments.
Bangladeshis living in the UK can also showcase the positive developments and advancements in Bangladesh to their friends, colleagues, and broader networks. This way, Bangladesh's reputation will improve globally, and Bangladesh will potentially attract foreign investments, partnerships, and opportunities in the nation's agricultural sector.
Also Read: Top 10 Universities in the UK for Bangladeshi Students to Get Scholarships
Expats can also channel their support towards groups and individuals actively advocating for and implementing economic and agricultural reforms in Bangladesh. By participating in public discussions, overseas expats can drive positive change and progress in the nation’s agricultural and economic landscape.
Bangladeshi expats in the UK are important pillars for developing their home country’s economy. While they have already made significant contributions, there are many challenges in transferring money from the UK to Bangladesh. To address these challenges, the government should focus on improving the operational efficiency and transparency of existing facilitation centers. Moreover, the government should ensure they effectively cater to Bangladeshi nationals' needs in the UK.
Bangladeshi expats in the UK hold the power to provide vital financial support for their nation's agriculture by sending money through official channels. They can make investments, support rural farmers, and promote the country's economy by helping to make agriculture sustainable in their homeland. They can also significantly impact Bangladesh's agricultural growth through unified efforts. Moreover, by strategically directing their resources towards Bangladesh’s economy, Bangladeshis living in the UK play a crucial role in elevating the nation's economy.
ACE Money Transfer is an exemplary platform empowering Bangladeshi expats in the UK to conduct instant, secure, and cheapest ways to send money online to Bangladesh from UK. It can help Bangladesh have in sustainable agricultural development.
Remittances sent to Bangladesh account for approximately 18% of South Asian remittances and 6.2% of the national GDP.
Agriculture impacts society by supporting livelihoods, providing raw materials, and fostering strong economies through trade.
Remittance in Bangladesh significantly impacts economic growth, balance of payments, foreign exchange reserves, national savings, and the velocity of money. It makes it a crucial economic factor.
In Bangladesh, the agriculture sector comprises 11.22% of GDP.
Remittance significantly drives the rural economy, increasing demand for goods and services alongside agricultural activities. This is a crucial factor in fostering economic growth in rural areas.
