Introduction
Sylhet Division is often viewed as the gateway for foreign remittances into Bangladesh, thanks to its extensive expatriate community, primarily in the UK, USA, and UAE. This financial influx is a significant contributor to the economic growth of Bangladesh, fostering a surge in construction, land purchases, and improved living standards. In this blog, we will explore how these remittances are shaping Sylhet and contributing to the broader Bangladeshi economy.
Recent Trends in Remittances
Remittances to Bangladesh have seen a steady increase over the past few years. According to data from the Bangladesh Bank, remittances grew from $18.2 billion in 2020 to $21.03 billion in 2021, with Sylhet Division playing a notable role in this growth. A significant proportion of this money comes from the Sylhetti diaspora in countries like the UK, USA, and UAE.
Breakdown by Country of Origin
The following figures illustrate the significant contribution of the Sylhetti community to the remittances flowing into Bangladesh:
- UK: In 2021, remittances from the UK totaled over $3 billion, with a considerable portion coming from Sylhetti expatriates. Sylhet’s strong connection with the UK, owing to historical migration patterns, is a key factor behind this high volume of remittances.
- USA: Bangladeshi expatriates in the USA sent over $2 billion in remittances in 2021, contributing to the economic stability of their families in Bangladesh.
- UAE: The UAE has a large Bangladeshi workforce, predominantly from Sylhet, contributing over $2.5 billion in remittances in 2021.
These numbers have been reported in prominent Bangladeshi newspapers such as The Daily Star, which noted the consistent growth in remittances, with Sylhet Division being one of the key contributors.
Impact on the Construction Sector
A significant portion of these remittances is channeled into land purchases and construction projects in Sylhet. According to M/S Rahman hardware & Sanitary Ware Ltd., more than 90% of their customers are directly or indirectly linked to remittances from abroad. This indicates that remittances are fueling a construction boom in the region, leading to:
- Job Creation: New construction projects provide employment for local laborers, artisans, and engineers.
- Infrastructure Development: The construction of new homes and commercial buildings drives the development of roads, utilities, and other infrastructure.
- Economic Growth: The construction industry’s growth stimulates local economies through the increased demand for building materials and related services.
Changing Lives and Communities
The impact of remittances goes beyond economic statistics. They are transforming lives in Sylhet, enabling families to build better homes, invest in education, and support local businesses. The construction boom has changed the landscape of Sylhet, with modern homes and multi-story buildings becoming more common.
This transformation has been widely covered in Bangladeshi media. For example, Prothom Alo has reported on how remittances from expatriates are helping to improve living standards and stimulate local economies in Sylhet Division.
Conclusion and Gratitude
Foreign remittances have a profound impact on Sylhet Division and the broader Bangladeshi economy. The consistent flow of money from expatriates in the UK, USA, and UAE is driving economic growth and transforming communities in Sylhet. The construction boom, fueled by remittances, is creating jobs, improving infrastructure, and raising the quality of life for many.
Special thanks are due to the remittance fighters—the men and women who work abroad and send money back home. Their contributions are vital to the progress and development of Sylhet and Bangladesh. It is essential to recognize and appreciate their sacrifices and commitment to supporting their families and the nation’s economy.
