Japan expressed interest in importing non-refined rice bran oil from Bangladesh
Since rice is the country's main crop and raw materials are readily available locally, the market potential for rice bran oil here is substantial.
Japan's leading rice bran oil producer, Sanwa Yushi Company Ltd, has expressed its interest in importing non-refined rice bran oil from Bangladesh.
Yozaemon Yamaguchi, managing director of Sanwa Yushi Company Ltd, Japan, expressed such interest at a view exchange meeting titled "Market Demand and Future Potential of Rice Bran Oil in Bangladesh" held at the FBCCI office in the capital's Motijheel area.
The meeting was chaired by Md Alamgir, secretary general of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
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Alamgir also presented a report highlighting the market potential, demand, supply chain, and investment opportunities in Bangladesh's edible oil sector. Leading local business figures involved in the rice bran oil industry were also present, said a press release.
In his remarks, Yozaemon Yamaguchi said that rice bran oil producers supply 30 to 40 percent of Japan's total edible oil demand. However, Japan's production capacity is insufficient to meet the domestic demand.
"As there is a high demand in Japan, we're interested in importing non-refined oil from Bangladesh," said Yamaguchi.
Gazi Mahmud Kamal, business associate of Bangladesh Sudan Ginning Cotton Company Ltd, stated that increasing the production and use of rice bran oil can reduce Bangladesh's dependence on imported edible oils.
Since rice is the country's main crop and raw materials are readily available locally, the market potential for rice bran oil here is substantial.
Md Zakir Hossain, former additional secretary (PRL) of the Ministry of Agriculture, mentioned that several companies in Bangladesh are producing rice bran oil, but consumer-level demand remains relatively low.
Therefore, exploring export markets could be a viable strategy.
During the discussion, FBCCI Secretary General Md Alamgir called for Japanese investment and technical collaboration in the rice bran oil industry. He assured that if Sanwa Yushi Company Ltd establishes an industrial operation in Bangladesh, the FBCCI will extend full cooperation.
Some local edible oil producers, however, expressed concerns that exporting non-refined oil might create a shortage of raw materials for domestic processors.
While a few opposed the export of non-refined oil, others proposed exporting both non-refined and refined rice bran oil to Japan.
Md Abdul Haque, former director of the FBCCI, presented valuable data and insights on various aspects of the rice bran oil industry. Md Zakir Hossain Nayon, a member of the FBCCI General Body, also spoke at the meeting.
Other attendees included Md Zafar Iqbal, head of FBCCI's International Affairs Wing; Brig Gen (Retd) Abu Nayeem Md Shahidullah, adviser, FBCCI Safety Council; Takaki Yamaguchi, executive vice-president, corporate planning division, Sanwa Yushi Company Ltd; Agib Abul Khair, managing partner, Bangladesh Sudan Ginning Cotton Company Ltd; and business leaders from various chambers and associations.
