Significance of Remittances Translation, Particularly in Egypt
Recently, the significance of remittances translation for immigrants has increased immensely as it is considered an important source for foreign currency to large labor-exporting countries over time. In fact, most of the time it turns out that remittances exceed in their flows the more traditional sources of foreign currencies, i.e. foreign borrowing, foreign direct investment, and foreign aid. The main advantage of remittances may be related to their attractive characteristics that are inexpensive for countries of origin, as they will not bear any future financial obligations with respect to them.
Considering the demographic trends in industrial countries, labor migration is expected to have an increasingly important role in these economies to compensate for the impact of low population on the labor market. This will be translated into larger remittance flows to labor-exporting countries in the future, as workers’ remittances to Egypt are a clear example of how important such flows can be to countries of origin. In that case, remittances represent the largest source of foreign currency after exports and an important source for family income. This leads to the increasing demand for Remittances Translation as it benefits every family from which its head, i.e., the one responsible for it, migrates.
Background on the Significance of Remittances Translation, Particularly for Immigrants from Egypt
Egypt is one of the lead countries for labor-exporting in the world, where one can find a mix of all occupations and specialties from almost all countries. Immigrants are spread all around the world from Arab Gulf states, the Middle East, and even European and American countries. Egyptians tend to largely migrate to oil-producing countries of the Gulf and Libya, and a lesser extent Lebanon and Jordan.
As for outside the Middle East; Egyptians immigrate to the United States, Europe, Canada, Australia, and Japan, because migration to oil-producing countries is usually temporary, because residence laws in these countries deny immigrants permanent residence, so Egyptian immigrants do not have an option for those seeking to obtain permanent residence abroad. Other than going to countries where this temporary residence is allowed, especially Australia, European countries, and the United States.
However, considering that the labor market in these countries has highly competitive ability, only skilled immigrants are able to immigrate to it and receive permanent residency privileges. This is considered a type of “Human Capital Flight” which Egypt struggles through at the moment. As time goes by, Egypt is depleting the ability of its conscious youth to implement their dreams there. In contrast, most Egyptian workers (especially construction workers) who migrate to oil-producing countries in the Arab region are of the highest skill despite not receiving higher education. You also find that teachers and clerics are all temporary immigrants, meaning they have a target level of savings that they seek to achieve and then return to Egypt with these savings.
Ejada for Certified Translation Role in Remittances Translation
There is no doubt that remittances development, in addition to economic and political elements, is reflected through the variation in immigrated labor numbers, especially Highly skilled temporary immigrants which are highly requested in oil-producing Arab countries. In times of future expansion of these countries, the stock of skilled labor is more stable in both oil-producing and industrial countries.
This shows the importance of translating remittances in Egypt, which must be assigned to the best translation office in Egypt to work on translating them with great care and accuracy, taking into account also the linguistic and grammatical accuracy and not to tamper with any document or divulge its confidentiality.