Impact of Cultural Shocks of Bangladeshi Migrants on Remittance Earning and Development of Business and Economy

Abstract

The labor intensive economy of Bangladesh is nurtured to a greater extent by the remittance flow to the country. Every year legally or illegally both permanent and short term voluntary migration occur from Bangladesh. Mainly the first generation migrants are strongly maintaining their ties with their root compared with second and third generation. However without some exceptions almost every generation migrants are continuously sending remittance to the country through using formal or informal channel. At present cultural ties between migrants and Bangladesh are strong however in near future this relationship might be disturbed significantly so as the flow of remittance. Foreign remittances are directly and indirectly contributing to the business and economy of the country. Such as it bring changes in the income pattern and living standard, enhancing more migration and reducing unemployment, developing traditional and non-traditional businesses, improving advance knowledge and adaptation of innovation techniques and so on. Around the world demand for skilled and semi-skilled workforce are increasing. Therefore urgent steps must be taken by the different government and non-government agencies to setup more training and skill development centers to prepare people for overseas employment. Further government also should start working on the relationship development with the manpower importing countries to ensure the future remittance earning and also for growth of business and economic growth of the country.