CCC, Bangladesh Sign New G2G Contract for Canadian Potash
OTTAWA, March 20, 2023 (GLOBE NEWSWIRE) -- The Canadian Commercial Corporation (CCC) is pleased to announce that it has signed a new government to government (G2G) contract with the Bangladesh Agricultural Development Corporation (BADC) for the delivery of Canadian potash from Canpotex Limited. This is the 8th G2G contract that CCC has signed with the BADC. Last year, CCC facilitated the sale of over $500 million dollars of Canpotex's potash to Bangladesh.
BADC, an autonomous corporate body under Bangladesh's Ministry of Agriculture, is responsible for the procurement, storage, transport, and distribution of essential agricultural inputs. This G2G contract for Canpotex's potash is another milestone in the growing relationship between Canada and Bangladesh. CCC has been integral in facilitating the reliable supply of high-quality Canadian potash from Canpotex to the Government of Bangladesh. In 2022, the Government of Bangladesh increased its imports of Canadian potash by more than 200% compared to the previous year.
CCC is Canada's government to government contracting agency. G2G contracts connect qualified Canadian companies with government buyers around the world. Every G2G contract has the legal effect of being signed in the name of the Government of Canada and comes with an assurance of contract performance. To learn more about how to leverage G2G contracts for the purchase of Canadian products and services, contact CCC.
QUOTES
"Canada has supplied Bangladesh with more than 3 million MTs of potash since 1972, and CCC is pleased to partner with BADC for the continued delivery of Canpotex's potash ? which is a critical crop nutrient." ? Antony Rizk, Business Development Director, Agriculture Sector, Canadian Commercial Corporation
"Canpotex has been a reliable supplier of high-quality Canadian potash to overseas markets for over 50 years. We are pleased to once again partner with CCC and BADC to provide Bangladesh with the potash they need." ? Gordon McKenzie, President and Chief Executive Officer, Canpotex
QUICK FACTS
- Over the past 50 years, Canpotex has supplied Bangladesh with approximately 3 million MT of potash. Almost all potash in Bangladesh is used as a crop nutrient to improve crop yields.
- Canpotex's potash accounts for approximately 40% of Canada's total exports to Bangladesh.
- The potash will be produced by Canpotex's shareholders, Mosaic and Nutrien, which own and operate 9 potash mines in Saskatchewan.
- Canada is the world's largest supplier of potash, accounting for approximately 40% of the global supply.
- Canada's potash industry employs over 5,000 Canadians.
- The value of bilateral merchandise trade between Canada and Bangladesh has more than tripled between 2004 and 2018. Canadian merchandise exports to Bangladesh reached $651 million in 2018, of which 70% were agriculture items.
- Canada's main exports to Bangladesh are cereals, pulses, iron and steel, fertilizer (potash), chemicals, and aircraft and related equipment and services.
- Bangladesh is Canada's fourth largest pulse export market (e.g., dry peas, lentils, chickpeas), and a major market for high quality wheat.
- Several flagship Canadian companies from the readymade garments, aerospace, defence and security sectors are also active in the Bangladesh market and pursuing new business opportunities.
RELATED
- Canadian Commercial Corporation role in government
- International Prime Contractor
- Canpotex: Canada's Largest Exporter of Potash
CONTACT
For media enquiries, please contact [email protected]
ABOUT CANADIAN COMMERCIAL CORPORATION (CCC)
We are Canada's government to government contracting agency. We help build successful commercial relationships between Canadian businesses and governments around the world by creating and supporting the successful completion of commercial contracts of public and national importance. We are also the official channel for Canadian companies looking to do business with the U.S. military. To learn more about how we have facilitated billions in trade between Canadian businesses and governments around the world, visit www.ccc.ca/en/.
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