Premier Brad Wall today welcomed the addition of Bangladesh as a major new customer for Saskatchewan’s world-leading potash resource.
The premier was in Saskatoon to witness the signing of a potash supply contract between the Canadian Commercial Corporation and the Bangladesh Agricultural Development Corporation.
The contract is worth US$40 million, with a US$20 million option, and will see Canpotex Ltd. supply potash to Bangladesh through this first government-to-government sale arrangement between the two countries and corporations.
“This is an important deal for our potash industry and is significant on a number of levels,” Wall said. “It provides Canpotex with new opportunities and access to a country that really needs our potash to boost its agricultural production and achieve its food security goals.
“For our province, the deal means potash becomes a major new part of our export mix to Bangladesh, a very important export market for Saskatchewan, a market where Saskatchewan is Canada's leader.”
Saskatchewan exported more than $326 million in goods to Bangladesh last year, accounting for about half of Canadian exports to that country. Provincial trade to Bangladesh was primarily in agricultural products, including pulses, wheat and canola seeds, and was up 17 per cent in 2013 over the year before.
Wall became the first Saskatchewan Premier to visit Bangladesh when he travelled to the country in March 2011 on a trade mission to develop agricultural and fertilizer opportunities. While there, the premier met with Bangladesh’s Prime Minister, Her Excellency Sheikh Hasina.
The premier also acknowledged the key role of senior trade policy officials in the Saskatchewan government in helping facilitate the potash agreement with Bangladesh.
Today’s signing ceremony between Canada and Bangladesh was also attended by federal International Trade Minister Ed Fast and federal Minister of State (Foreign Affairs and Consular) Lynne Yelich