Expectations from the leader

Can Tarique Rahman steer the country’s economy in the right direction? Remittance inflows remain one of Bangladesh’s key sources of foreign exchange. Yet under the interim government, Bangladesh has increasingly found itself without strong international partners. If Tarique Rahman comes to power in the future, he must prioritise the remittance sector.

According to data from the Bureau of Manpower, Employment and Training (BMET), Bangladesh sent 1,011,869 workers abroad in 2024. Of them, 95 percent went to just five countries — Saudi Arabia, Malaysia, Qatar, Singapore and the United Arab Emirates. This figure marks a nearly 30 percent drop from 2023, when 1,307,890 workers found jobs overseas. Without question, overseas employment remains one of the main drivers of the national economy.

BMET data show that nearly 15 million Bangladeshis have gone abroad for work over the past two decades. After Saudi Arabia and other Middle Eastern destinations, Malaysia stands as one of Bangladesh’s largest and most traditional labour markets. Despite recurring challenges, labour exports to the Middle East have never stopped. Shifting political and economic realities have, at times, increased Bangladesh’s dependence on the Malaysian labour market.

However, corruption, lack of transparency and syndicate-driven profiteering in recruitment prompted the Malaysian government to impose stricter oversight and regulations on hiring Bangladeshi workers. Authorities later introduced a government-to-government (G-to-G) arrangement to recruit workers at lower cost. Even so, the initiative failed to meet targets because of insufficient government follow-through and a lack of cooperation from private recruiting agencies.

Bangladeshi workers have made outstanding contributions to Malaysia’s infrastructure and economic growth. Although demand for Bangladeshi labour remains strong, unresolved recruitment complications continue to block legal employment pathways. As a result, Malaysia has increased recruitment from countries such as Indonesia and Nepal.

The government’s prolonged failure to resolve these issues in a friendly country like Malaysia remains puzzling. Officials at the Bangladesh mission in Malaysia and the Ministry of Expatriates’ Welfare and Overseas Employment cannot evade responsibility.

To work abroad, every worker must obtain clearance from BMET. Official data show that 1,198,900 workers went overseas in the 2023–24 fiscal year, with only about 26 percent classified as skilled. In the 2024–25 fiscal year so far, 1,015,312 workers have secured overseas employment.

After exports, remittances form the backbone of Bangladesh’s economy. Those responsible for past labour market closures must face legal action, while the government must intensify diplomatic efforts to recover lost labour markets. The interim government, in particular, must continue efforts to raise remittance inflows by training skilled workers and sending them abroad.

Strengthening the financial system remains essential to overcoming the country’s multiple crises. To curb rising prices of essential goods, the government must ensure adequate imports without allowing dollar shortages to become a barrier. This goal demands greater focus on boosting remittances.

Both domestic and foreign interest groups remain active in conspiracies against the economy. Reports have highlighted the involvement of foreign syndicates in passport and visa fraud. As investment and job creation at home remain largely stagnant, Bangladesh’s economic dependence on remittances from nearly 15 million overseas workers has increased.

Any adverse impact on labour markets such as Malaysia due to sabotage or conspiracy could trigger serious social and economic instability at home. More than one million workers have gone abroad this year alone, while remittances in the first half of the fiscal year played a critical role in preventing economic collapse. Even so, conspiracies and malicious activities targeting the sector persist.

Lack of coordination continues to hamper investment growth, while the stock market remains under pressure. The next elected government must take the initiative to resolve labour market challenges in the Middle East and open new opportunities abroad.

The writer is a former member of Parliament.