How to Repay Our Debts to Our Motherland?
Dr. Nuran Nabi, New Jersey, USA
We, the NRBs (Non Resident Bangladeshis), are a blessed community. We are lucky to be in the United States. All of us, except a very few, are enjoying enriched lives. Without a doubt, we can consider ourselves a very privileged community as we are able to provide opportunities to our children with excellent education and good health care. Most of us in the United States own homes, have healthy bank balances, and investments in stock markets. However, the question we ought to ask: are we indebted to our motherland for our success in this country? The answer is yes. We are indeed obligated to our motherland--Bangladesh. Most first generation NRBs were beneficiaries of the public education system of Bangladesh which is heavily subsidized by its tax payers. As a result, we paid nominal tuition fees. Moreover, many of us also received full scholarships. As a result, NRBs are immensely indebted to our motherland and her people. Since we feel more economically empowered in this country, it is high time for us to repay our debts to Bangladesh. As we are always grateful to our biological mothers, we make every effort take good care of them. In the same way we should take care of our motherland.
We could reduce our debt by investing in Bangladesh to help to grow her economy and improve the quality of life. Suggested sectors for investment are banks, Industries, education, IT, agriculture, technology transfer and others.
Should we invest in Bottomless Basket? The answer is not at all.
Bangladesh is an immerging economy certified by world economy community. Investing in Bangladesh will allow us to repay our debts and also make money for ourselves.
World Bank reports that Bangladesh economy is better than neighboring countries India and Pakistan in terms of three indexes such as lower infant mortality rate, higher life expectancy of child at birth and higher percentage of population who have excess to improved sanitation facilities.
South Asia's economic outlook for 2013 suggested that Bangladesh's GDP growth rate per year is comparable with Sri Lanka, Bhutan and India; and better than Pakistan, Afghanistan, Maldives and Nepal.
Economists at Standard Chartered Bank suggested Bangladesh could join the "7 percent club" of economies that expand 7% annually for an extended period allowing their economies to double every decade. Current members of the "club" include China, Cambodia, India, Mozambique and Uganda.
Economists at HSBC included Bangladesh in a group of 26 economies along with China, India and several Latin American and African countries where it expects particularly strong growth. Whereas USA and Europe, by contrast, are likely to remain merely stable, according to HSBC's projections.
The World Bank and CIA world fact book reported that Bangladesh ranked 19 among the ' 29 Hottest Economies In The World' with Iraq ranked 1 and Botswana ranked 29.
US Assistant Secretary of State Robert O Blake opined on February17, 2012 that Bangladesh might be South-East Asian economic hub. He further added that Bangladesh would be 'New Silk Road' in Asia. He commented that in near future, goods produced in Bangladesh would find their way to neighboring markets in India and beyond Afghanistan and central Asia. The 'New Silk Road', like the historic Grand Trunk Road of the Sher Shah dynasty, would open untapped potential for economic cooperation in the region. Sounding a high resonance about the country's economy, the US top official said Bangladesh has made substantial economic progress over the past two decades and is well positioned to accelerate its economic growth if it can address infrastructure constraints and other impediments to investment. Although the pace of change is slow and challenges are substantial, Blake said dynamism, resilience and entrepreneurship of Bangladeshi people will help weather such challenges
Non Resident Bangladeshis (NRBs) sent more than $11 billion remittances last year, and expected to send more than $12 Billion this year. Annual inflow is expected to rise to $20 billion in five years' time.
Bangladesh currency is getting stronger. The value of Taka rose 5% whereas Rupee lost 15% against American dollars. Investment by NRBs is increasing every year. Last year, Bangladesh government issued license for three NRB banks, and a total of 185 million USA dollars were remitted to Bangladesh as the paid up capital for these three NRB banks.
NY Times published a report on April 23, 2012 with the title – 'In an Unlikely Corner of Asia, Strong Promise of Growth'. It reported that in Cox's Bazar - a Best Western hotel is in the making. Green Delta Housing, a Bangladeshi construction company, is working on several developments. Carlson Rezidor Hotel Group, which already operates a Radisson in Dhaka, is planning to open two hotels in Cox's Bazar in 2015. The report concluded that Bangladesh has a huge prospect of becoming one of the emerging economies. It is running with a strong promise of growth despite various challenges the nation of 160 million people is facing such as political unrest and often natural and manmade calamities.
People of Bangladesh are vibrant and resilience. They have shown these rare qualities during the liberation war in 1971 and achieved independence against insurmountable odds. The people of Bangladesh have shown same tough resistances against many post liberation challenges. With the help of NRBs, it will be easier for Bangladeshis to build their economy and improve the quality of their lives.
Predictions by world economic community and real development in the country certify that Bangladesh is an immerging economy.
Let's invest in Bangladesh and repay our debts to our motherland.
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