Karachi, 11 June 2024:

Bangladesh Deputy High Commission in Karachi arranged a seminar at the Chancery on 10 June 2024 titled: “Seminar on Sending of Remittances through Legal Channels”. Around 120 participants including the Mission officials and expatriate Bangladeshis in Pakistan participated at the Seminar.

Bangladesh High Commissioner to Pakistan H.E. Mr. Ruhul Alam Siddique was present at the Seminar in Karachi as the Chief Guest.

Dignitaries including businessmen, investors, entrepreneurs, women entrepreneurs and expatriate Bangladesh nationals were present at “Seminar on Sending of Remittances through Legal Channels”.

Welcoming the participants at the Mission, the Deputy High Commissioner S. M. Mahbubul Alam highlighted the recent development landscape of Bangladesh. He particularly focused on different aspects of remittances to Bangladesh through legal channels. The ways/modes and importance of sending remittances in legal/formal/banking channels were explained and discussed in details. He further discussed that there are few Banks of Pakistan such as Bank Alfalah, Habib Bank Ltd (HBL), National Bank of Pakistan (NBP), United Bank Ltd (UBL), and HSBC, which have their branches in Bangladesh, and which are eligible to remit money smoothly to and from Bangladesh and Pakistan. There are also designated Money Exchange Companies and agencies like Western Union, which are also eligible to remit money to Bangladesh in legal channels.

Bangladesh High Commissioner to Pakistan Mr. Ruhul Alam Siddique in his speech and interactions highlighted the importance of remittances to Bangladesh sent by the Bangladeshi diaspora across the world. He mentioned that there are over 14 million Bangladesh nationals, who have been living in over 180 countries in the world and through the remittances they send to Bangladesh have been contributing vital role for the economy of Bangladesh. He further mentioned that aaccording to the World Bank, Bangladesh was the 7th highest recipient of remittances in the world with almost $25 billion annually and was the third highest recipient of remittances in South Asia. H.E. the High Commissioner further highlighted that the Bangladesh expatriates /Diaspora have been playing very vital roles for the economy of their host countries and vis-à-vis Bangladesh. Remittances are very vital in improving people’s living standards, in strengthening foreign exchange reserve, in advancing the country’s economy, ensuring better education and health services, and creating employment opportunities in Bangladesh. He also emphasized that the sending of money in legal channels is also very crucial in preventing money laundering.

The High Commissioner further highlighted that the Government of Bangladesh has been providing 5% incentives from October 2023 against each remittance to encourage the remitters to remit more of their hard-earned money to Bangladesh. He emphasized on the remittance channelling through the formal channels. High Commissioner further highlighted the benefits of using safe and legal channels for sending remittances, as well as ways to optimize the benefits of remittances by motivating households to save, invest and utilize them in a productive way. He also mentioned that remitting through legal channels reduce risks and optimize the benefits of remittances, both at the micro and macro levels. He emphasized on the social awareness in sending remittances through formal channels.

Bangladesh High Commissioner to Pakistan assured the business persons and the Bangladesh diaspora of possible supports from the Mission in consular and welfare matters vis-à-vis in promoting trade and business and higher remittance through legal and formal channels.