Bangladesh's soybean imports from US rising to $1b soon: Ambassador
The imports was $350 million a year and a half ago and $500 million this year
US has signed an agreement with Meghna Group, City Group and Delta Agro to increase soybean imports to $1 billion, said US Ambassador to Bangladesh Tracey Ann Jacobson.
She visited Sonargaon Seeds Crushing Mills Ltd, a concern of Meghna Group of Industries (MGI), today (20 November).
During the visit, the Ambassador toured the soybean crushing facilities and underscored the rapid expansion of agricultural trade between the United States and Bangladesh. She was received by MGI Directors Tanjima Mostafa and Barrister Tasnim Mostafa, along with senior MGI officials and representatives from the US Embassy.
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"We signed an agreement with Meghna Group, City Group and Delta Agro to increase US soybean imports to $1 billion," Ambassador Jacobson said.
"This is an incredible growth, from $350 million a year and a half ago to $500 million this year, and now moving toward a billion. It significantly strengthens the economic relationship between our two countries. High-quality American soybeans benefit both American farmers and Bangladeshi companies like Meghna, who are importing competitively priced, high-protein soybeans."
She added that the expanded agricultural trade helps reduce the trade deficit and further reinforces bilateral cooperation. The Ambassador also expressed appreciation to MGI for hosting the visit.
MGI, Bangladesh's largest soybean importer, continues to play a central role in this expanding partnership.
"Our chairman recently visited the US and reaffirmed our commitment to importing substantial amounts of US soybeans," MGI Director Tanjima Mostafa said.
"Following that, we have already imported more than 700,000 tonnes this year—the highest volume in Bangladesh's history. We are targeting one million tons, and more than half of the US soybeans imported into Bangladesh this year came through Meghna Group," she added.
MGI operates two crushing mills- Meghna Seeds Crushing Mills Ltd. and Sonargaon Seeds Crushing Mills Ltd., with a combined daily processing capacity of 7,500 tonnes, the highest in the country.
