City, Meghna, Delta Agro sign $1b soybean import deal with USSEC to boost agri trade
The US ambassador hopes the deal would help narrow $6 billion trade deficit between the two countries.
Highlights:
- City Group, Meghna Group, and Delta Agro to import $1b US soybeans in 2025
- US envoy Jacobson hails it as a boost to US-Bangladesh trade ties
- USSEC CEO calls it a 30-year partnership milestone
- Firms say it will strengthen food security and sustainability
- Delta Agro eyes trade expansion into LPG and petroleum
- Meghna Group reports record 1m tonnes of soybean imports this year
Three of the country's top edible oil refiners — City Group, Meghna Group, and Delta Agro — signed a Letter of Intent (LoI) with the US Soybean Export Council (USSEC) this evening (4 November) to import $1 billion worth of US soybeans in 2025.
The signing ceremony, held at a city hotel, was attended by US Ambassador to Bangladesh Tracey Ann Jacobson, senior officials from USSEC, representatives from the US Department of Agriculture, and top industry leaders. Earlier in the day, USSEC also signed separate LoIs with Mahbub Group and KGS Group.
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Congratulating both sides, US Ambassador Tracey Ann Jacobson described the agreement as "a wonderful example of the growing economic partnership between the United States and Bangladesh."
"Last year, we did $779 million worth of agricultural business. This year, we're going to top $1 billion. And this signing alone, for soybeans, will propel us into the stratosphere next year," she said.
The ambassador noted that agricultural trade has become a cornerstone of bilateral economic relations.
"This tripling of trade from $350 million to $1 billion over the last five years shows the strength and potential of the Bangladeshi market, and the partnership between American family farmers and Bangladesh's processing families," she added.
Jacobson thanked USSEC, the USDA Foreign Agricultural Service, and the participating Bangladeshi companies for "bridging business and friendship" and expressed optimism that the deal would help narrow the $6 billion trade deficit between the two countries.
30-year partnership entering a new chapter
Joining virtually from the US, Jim Sutter, CEO of USSEC, hailed the signing as "a milestone event" in the three-decade-long partnership between the two nations.
"Your pledge to increase purchases of US soy shows your commitment to shaping a progressive future for Bangladesh. Together, we will continue to grow side by side," Sutter said.
He noted that US soy's sustainability credentials — including its low carbon footprint and zero deforestation record — align well with Bangladesh's growing demand for eco-friendly agricultural inputs.
"By investing in US soy, you are shaping a better tomorrow, proving that sustainability transcends borders," he added, thanking the 500,000 US soybean farmers whose "continuous innovation and quality" underpin the partnership.
Amirul Haque, managing director of Delta Agro, praised US soybean quality and expressed optimism about expanding trade beyond soybeans.
"There are many more opportunities in LPG and petroleum, for example, that could take our bilateral trade to $3.5 billion if we build an efficient logistics and credit line system," he said.
Md Hasan, managing director of City Group, said the partnership would help Bangladesh meet its food security and sustainability goals.
"City Group is committed to ensuring quality, nutrition, and sustainability in the nation's food supply chain. This cooperation will open new avenues for technological advancement and agricultural innovation between our two great nations," he said.
Tanjima Mostafa, director of Meghna Group of Industries and daughter of Mostafa Kamal, chairman of the group spoke on his behalf and called the MoU "a bridge between American farmers and Bangladeshi families."
"This is not a one-off trade — it's a strategic choice. We choose the United States for consistent quality, reliable logistics, and transparent trade practices," said Tanjima Mostafa, adding that Meghna's imports this year already neared one million tons, the largest in Bangladesh's history.
She urged policymakers to rationalise soybean meal duties to support long-term investment in local crushing and refining capacity, which he said could "keep poultry and protein affordable, protect jobs, and stabilise prices."
