Bioeconomy and Modern Remittance Systems – Evolutions Needed After COVID-19

Introduction:- Do you know the link between the Bioeconomy and the global remittance industry? Both have become an increasingly urgent need of the hour because the world is fast approaching a point where it will be deprived of all the natural resources necessary for survival. And, the importance of remittances cannot be emphasised more given how this financial flow helps underdeveloped economies of the world to grow. For instance, nearly 65,000 Gambian diasporas live and work in the developed world to seek better opportunities. A majority of these expatriates are skilled in agribusinesses along with many other industries. After working in the agriculture industry, they not only add to the bioeconomic strength but also support their families back home when they send money to Gambia from the countries they work in.

 

COVID-19 has impacted the entire world and affected almost every business industry across the globe. People in business worldwide have felt the need to evolve various industries keeping in view such unexpected disasters. Like other industries, the pandemic influenced the bioeconomy sector at large and it needs to be evolved critically. Let’s glance at what the Bioeconomy is and why should people focus to sustains this type of economy.

 

Bioeconomy:- It is a type of economy that uses renewable biological resources both from land and sea, such as crops, forests, fish and animals, etc., to produce food, materials, and energy.

The term Bioeconomy was first used to substitute resources as the reservoirs of one of the primary natural resources, Oil, are fast running out. And if the world is to survive the shortage of oil, it has to look for alternatives such as Biomass and other renewable resources to create energy.

 

Let’s briefly discuss how COVID-19 impacted lives as there is no sector including Bioeconomy and remittances that escaped its impacts.

 

Slowed economy:- COVID-19 slowed down the global economy as a whole bringing the underdeveloped economies of the world to almost a halt.

 

Job losses:- Another way the pandemic affected the global population is that majority of the people suffered job losses. The industry threw people out of jobs, with the economic activity coming to a standstill.

 

Increased Poverty:- With the rapid spread of COVID-19, millions of people worldwide were pushed back into poverty to the extent where the third world population could not afford simple food to put on their tables. It was in the same vein that the pandemic affected Bioeconomy.

 

Bioeconomy operates on industrial inputs such as investments and the necessary infrastructure. And all of it was missing due to the reasons stated above briefly.

 

Now, let’s see the importance of the Bioeconomy.

 

  • The most important thing about the Bioeconomy is that the world is running out of resources that are needed to supply food. And the increasing global population requires more food supply which is not possible with the fast depleting natural resources.
  • Bioeconomy is the need of the hour due to the devastating impacts of climate change, caused by the fact that the world is yet to go several miles to switch top Bioeconomy collectively.
  • Through Bioeconomy, the world can manage natural resources more organised and wiser.
  • And lastly, the Bioeconomy has the potential to create jobs for the people in both urban and rural areas.

 

Bioeconomy is critically important in third world countries whose rural population is dependent on Bioeconomic activities and travel to the urban settings to find work. The Gambia is among the top 20 countries of the world having the most skilled people. A majority of its skilled workforce belongs to the agricultural industry. However, they move to other countries to get better jobs and send money online to Gambia back home after earning there.

 

Let’s discuss a few areas where the Bioeconomy needs evolution critically.

 

  • In the Bioeconomy, people will need more extensive access to the infrastructure and the funds to contribute.
  • The inclusion of the people in the Bioeconomy needs to be ensured because Bioeconomic activities cannot occur in isolation.
  • Since the Bioeconomy has many areas to work in, governments need to provide suitable environments where everyone can contribute.
  • Massive investment in educating people and spreading awareness is urgently required.
  • Newer ways for deriving maximum benefits from the Bioeconomy need to be found as in the Bioeconomy, the waste of one kingdom is the food for another.  

 

Now, let’s look at the link between Bioeconomy and remittances.

 

The majority of the third world people go to foreign lands and live an expatriate life to secure their financial future. The remittances they send back are a significant source for the recipient country’s economy to get stronger. And with a strong economy, the governments of third world countries can invest in the Bioeconomy. For instance, when a Gambian expatriate makes a money transfer to Gambia from abroad to support the family’s financial needs, the remittance in turn benefit the country’s economy as well.

 

And delay in shifting to Bioeconomy can prove to be irreparable damage that any country, rich or poor, can no longer afford.

 

It must also be understood that sending remittances to other countries is a kind of activity that is open to frauds and scams. Also, there are high chances of getting deceived into paying more instead of sending more. Therefore, always ensure you choose the best option, such as ACE Money Transfer, to send money to Gambia online or another country.

 

You have obtained a lot of information about the Bioeconomy and the remittance industry. It is essential to learn about the importance of the Bioeconomy for our survival. Climate change is detrimental to our existence, and everyone needs to help improve the situation. Expatriates can play an important role by increasing the flow of remittances to their home countries by choosing the most credible and trustworthy online money transfer companies, including ACE Money Transfer.