Soybean Surge Strengthens Bangladesh–US Synergy

U.S. Ambassador to Bangladesh, Tracy Ann Jacobson, visited Sonargaon Seeds Crushing Mills Ltd., a subsidiary of Meghna Group of Industries (MGI) located in Sonargaon, Narayanganj, on Thursday, 20 November. There, she inspected the loading and unloading operations of U.S.-imported soybeans at the jetty of the Sonargaon Seeds Crushing Mill.

She was welcomed by Tanzima Mostafa, Director of MGI, and Barrister Tasnim Mostafa. Senior officials of MGI and representatives from the U.S. Embassy were also present.

During the visit, Ambassador Jacobson toured the soybean crushing facilities and highlighted the rapid expansion of Bangladesh–United States agricultural trade.

She said,
“We have signed agreements with Meghna Group, City Group, and Delta Agro for the import of one billion dollars’ worth of U.S. soybeans. A year and a half ago, imports stood at USD 350 million, which increased to 500 million this year, and now we are heading toward one billion dollars. This is truly remarkable progress. It is strengthening the economic ties between the two countries.”
She added,
“High-quality U.S. soybeans benefit American farmers and Bangladeshi companies—particularly firms like Meghna.”

She further stated that this growing trade will play a critical role in enhancing bilateral relations and reducing the trade deficit. She also thanked Meghna Group for their hospitality.

MGI Director Tanzima Mostafa said that the MGI Chairman recently visited the United States and committed to importing a large volume of U.S. soybeans. Following that commitment, they have already imported over 700,000 metric tons, the highest in Bangladesh’s history. Their target is to reach one million tons. This year, Meghna Group alone imported more than half of Bangladesh’s total U.S. soybean imports.

She added that MGI currently operates two crushing mills—Meghna Seeds Crushing Mills and Sonargaon Seeds Crushing Mills—with a combined daily crushing capacity of 7,500 tons, the highest in the country.

On July 31, the U.S. administration reduced the retaliatory tariff on Bangladeshi export goods from 35 percent to 20 percent. To help reduce the tariff, Bangladeshi businesses had pledged to increase imports from the U.S. Since last month, goods under that commitment have started arriving at Chattogram Port.

According to discussions with business leaders, an immediate agreement was reached in late July to import around 400,000 tons of soybean seeds from the U.S. MGI Chairman Mostafa Kamal finalized a USD 130 million deal for 300,000 tons. After returning from the U.S., MGI opened letters of credit for an additional 200,000 tons. In total, the group is importing 500,000 tons of soybean seeds from the United States. Soybean seeds are the raw material for producing soybean oil and animal feed.

DBTech/ND/IH/OR