High-level speakers at today’s opening of the Global Forum on Remittances, Investment and Development in Kuala Lumpur, shared a common message – public and private sector must work further together to leverage the immense development potential of remittances in the Asia Pacific region.

Last year, migrant workers sent US$ 256 billion to their families in the Asia-Pacific region, according to the report “RemitSCOPE - Remittance markets and opportunities – Asia and the Pacific” and a new webportal on remittances released today by the International Fund for Agricultural Development (IFAD).

Each year, billions of dollars in remittances are sent by migrants to their families in the Asia-Pacific Region. And while this money provides a lifeline for families who use it to cover basic needs and invest in their future, it also has a tremendous economic impact on the region more broadly.