Bangladesh signs landmark deal to buy $1.25 bln worth of US soybeans

Bangladesh’s largest soybean processors and importers—Meghna Group of Industries, City Group, Delta Agrofood Industries Ltd., Mahbub Group, and KGS Group—have signed letters of intent to increase their purchases of U.S. soybeans over the next 12 months. U.S. soybeans are a key component of poultry and aquaculture feed mixes, and this agreement lays the foundation for building a sustainable, reliable, and high-quality supply chain for Bangladesh. Under the agreement, Bangladesh’s soybean meal processors and importers have committed to purchasing soybeans and meal worth US$1.25 billion. The agreement also includes joint efforts to promote sustainable procurement and reduce environmental impacts through the U.S. Soy Sustainability Assurance Protocol (SSAP). USSEC and industry partners also intend to collaborate on market development and increased protein consumption in Bangladesh through the USSEC “Right to Protein” campaign. Commenting on the new agreement, MD. Taslim Shariar, ...