This indicates that the worst effect of the global financial crisis may be over, and the Gulf and East Asian economies, along with other economies, have begun to shake off its impact. Otherwise, there would be no rise in demand for foreign workers, let alone rise in the salaries offered to them. This is good news for Nepal, which exports about 700 workers and receives Rs 520 million in remittance every day. Slow growth in remittance, coupled with soaring imports and slump in exports, had begun to exert a serious pressure on the Balance of Payment.
But the most important piece of news here is growing appreciation and acceptance of Nepali workers. Until recently, the only fame of Nepalis abroad was as brave and loyal soldiers. This reputation left by Gurkhas is still paying off as more and more countries are demanding Nepalis to work in their security sector. One recent example is Kuwaiti king´s interest to hire Nepalis as security guards for his palace.
Nepalis are now winning accolades also as productive and disciplined workforce. Only recently Malaysia has expressed interest to hire 100,000 more Nepalis. South Korea has already recognized Nepal as the best country for fulfilling criteria to send workers and has also recognized the quality of Nepali workforce. As the global demand for foreign workers grows, especially in the Gulf, East Asia and our own neighborhood over the long run, the current reputation of Nepalis as hard-working people will help boost the demand for Nepali workers.
Whether we like it or not, Nepalis going abroad for work is a reality and this is only going to grow. Reversing it in the near future is neither possible nor desirable since they practically keep the Nepali economy afloat. Without over Rs 200 billion of remittance pouring into our economy annually not only will our economy collapse but society as a whole will also face immediate and utter chaos. It is, therefore, in our best interest to negotiate through our embassies abroad for better salaries and benefits for our workers, help them when they face difficulties and make sure that reliable money transfer channels exist to send home remittances.
Nepalis abroad can now apply for IPOs in Nepal
