Bangladesh companies sign deal to buy USD 1 billion soybeans from US

Dhaka [Bangladesh], November 5 (ANI): A consortium of Bangladesh's top three soy crushing companies, Meghna Group, City Group, and Delta Agro, committed to the purchase of USD 1 billion of US soybeans over the following twelve months, a spokesperson to the U.S. Embassy in Dhaka said on Tuesday.
"The landmark agreement with the US Soybean Export Council (USSEC), a trade association representing the interests of US soybean farmers abroad, signals a growing export market for high-quality US agricultural products in Bangladesh", said Poornima Rai, spokesperson to the US Mission in Bangladesh.
"US Charge d'Affaires Tracey Jacobson welcomed the agreement, underscoring Bangladesh's increasing significance as a key market for U.S. exports and noting that US soybean sales to Bangladesh are expected to triple as a result of this agreement", she added.
The trade deals were inked at two separate events held at Dhaka's Sheraton Hotel on Tuesday, attended by importers, industry representatives, diplomats, and business leaders, Daily Star reported.
Jacobson noted that Washington is working to deepen its trade and economic cooperation with Dhaka, particularly in the agricultural sector. "Between 2024 and 2025, the United States aims to raise agricultural exports to Bangladesh from USD 779 million to USD 1 billion. Today's agreement marks a major step in that direction," she said, as per Daily Star.
She added that US soybean meal exports to Bangladesh had grown significantly, from USD 5 million in 2023 to USD 20 million in 2024, and are projected to reach USD 86 million this year.
In a statement, the US Embassy said the deal with USSEC reflects a strengthening trade partnership and demonstrates the expanding market for high-quality American agricultural products in Bangladesh. (ANI)