SLBFE earns record revenue

Rasika Somarathna

The Sri Lanka Bureau of Foreign Employment has recorded an impressive 287 per cent growth in revenue for the first nine months this year in comparison to the first nine months of last year.

In comparison to Rs.887 million earned last year, the SLBFE has increased its revenue to Rs.1,306 million during the first nine months of this year. According to SLBFE Chairman Kingsley Ranawaka the net profit of the Bureau so far has increased to Rs. 378 million this year.

The upward trend in the export labour market is expected to continue with new vistas on the horizon as the country’s foreign employment sector has secured a number of lucrative deals with affluent countries for prospective quality Lankan labour.

As a result of a number of initiatives by foreign employment authorities headed by Minister Keheliya Rambukwella, several affluent countries have opened its doors for skilled labour.

These include several European countries such as France, Romania, Poland and UK, USA, Korea, Libya, Israel in addition to several new deals with Middle East countries.

SLBFE Chairman Kingsly Ranawaka yesterday attributed the growth to better fiscal management, increase of migrant worker registration, minimising waste\corruption, minimising abuse and increase in skilled workers with better perks..

With the increase in profits the SLBFE also has planned to use its profits to, improve recruitment procedures, to increase awareness on exploitation and human trafficking, better welfare facilities, effective measures to help relatives at home, training schemes etc. According to statistics, the Sri Lankan migrant workers are considered to be in the excess of 1.6 million with another 220,000 new recruits joining the force annually.

When it comes to Sri Lanka’s export earnings, the migrant worker remittances which constitutes 36 per cent, is second only to the income earned through apparel exports.

With the rapid growth in the industry in recent times the figure is on the upward trend and according to analysts, with new vistas on the horizon and considering the growth rate, foreign employment is set to eclipse apparel exports as Sri Lanka’s biggest foreign exchange earner in the near future.