The amount of money to be sent home by migrants due to arrive in Mount Vema for work will generate one of the largest financial inflows to many countries across the globe. The Royal Mount Vema Reserve Bank said it back in 2012, and the time has come, as migrant workers are already making travel arrangements to Mount Vema for this year.
Although as of today, most contracts signed or to be signed with service providers, will include a clause that requires contractors and sub-contractors to bring their own people, those who seek work in Mount Vema, are making their own travel arrangements with W-Southern.
As the economy of Mount Vema returns to growth, the number of foreign nations looking to the Vema Seamount Territory for business opportunity especially from remittance is increasing. Only yesterday, officials from more than five countries have expressed interest to provide labor to the Vema Seamount Authority if requested, to give their citizens the opportunity to travel to the Kingdom of Mount Vema for work.
Today the Royal Mount Vema Reserve Bank estimated that remittances would exceed 5 billion golles (about $9 billion US dollars), which could contribute to the economic growth and to the livelihoods of many people worldwide by 2020.
According to the Bank of Mount Vema remittance transfers will be good for Mount Vema as it will promote access to financial services for both the sender and recipient, thereby increasing financial and social inclusion. The migration will improve business profitability, while foreign countries will depend on the flows of remittances that will result from the migration of labor.
This dependence will also result in the integration of the residents in Mount Vema with communities throughout the world, who will not only be sending money back to their communities, but who will also be travelling back and forth extensively, which could benefit communications, logistics and transport companies.