Sunday, 26 March, 2023

US Soybean sees huge mkt potential in Bangladesh

  • Shamim Jahangir from Dubai
  • 8 February, 2023 12:00 AM
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US Soybean sees huge mkt potential in Bangladesh

US Soybean Export Council (USSEC) has found Bangladesh as one of the most potential markets of soybean as the country becomes 13th in global demand.

"We emphasise Bangladesh Prime Minister Sheikh Hasina's campaign on consumption of nutritional food grain. Our soybean can help here as it has more food value than others," said USSEC regional director of South Asia and Sub-Saharan Africa Kevin Roepke.

He was speaking to the Daily Sun on the sideline of the daylong conference styled as "Sustain Summit" in Dubai. A number of 100 delegates from different South Asian countries participated in the event.

The USSEC director acknowledged that Brazil and Argentina are the major suppliers of soybean in the world. But he said the US soybean is more nutritious than other types produced in different countries.

The US soybean council focuses on differentiating, elevating preference, and attaining market access for the use of US soy for human consumption, aquaculture and livestock feed in more than 80 countries.

He said the US soybean exporters have a commitment to achieve its sustainable development goals (SDGs) that include zero hunger, clean water and sanitation and responsible consumption and production.

The official added that they have comparatively low carbon emitters than other countries in the production of soybean.

Besides, Khabibur Rahman, team leader of USSEC of Bangladesh, said the US soybean has a 37 percent market share of 2.1 million tonnes of soyabean import. He said the demand would likely go up to 2.7 million tonnes this year.

The Meghna Group, City Group and TK Group are the major importers of soybean in Bangladesh. Some other groups are also looking to import soybean in the country, USSEC Bangladesh team leader said. The USSEC has found poor infrastructure as a disadvantage in export, which also consumes more time.

At the conference, former director of the Bangladesh Bank Khondkar Morshed Millat said that the government has a series of policies to promote green funding at a minimum three to five percent interest rate.

"But the poor campaign and lack of information dissemination delayed the government's green funding governance," he said.

The conference was moderated by Deeba Giannoulis, Head of Marketing for USSEC South Asia and Sub-Saharan Africa.

Dennis Fujan of Nebraska, American Soybean Association, Juhi Gupta, director sustainability of TETRA in South Asia, Niamrita Rana, director strategy of FUTURESCOPE, Alka Upadhyay, partner climate change and sustainability services EY,  Professor Eresha Mendis and Lucas Blaustein, regional agriculture Attache of USDA Dubai attended at the conference.