Five of Bangladesh’s leading soybean processing companies have pledged to import soybeans and soybean meal worth $1.25 billion from the United States over the next year. To that end, the companies signed Letters of Intent (LOIs) with the U.S. Soybean Export Council (USSEC).
The companies are Meghna Group of Industries, City Group, Delta Agrofood Industries Ltd., Mahbub Group, and KGS Group.
The signing ceremony took place on Tuesday evening at a hotel in Dhaka.
Among the attendees were Tracy Ann Jacobson, U.S. Chargé d’Affaires in Bangladesh; Erin Covert, Agricultural Attaché; Kevin M. Roepke, Regional Executive Director of USSEC; and Khabibur Rahman Kanchon, Team Lead of USSEC Bangladesh.
A new chapter in food security and protein supply
Following the signing, Mostafa Kamal, Chairman of Meghna Group of Industries, told Channel i,
“This will significantly help reduce the trade deficit with the United States. It’s also a major milestone for Bangladesh’s soybean crushing industry. The more soybeans we crush locally, the more secure our food supply becomes. This will strengthen the poultry, feed, and edible oil sectors.”
Speaking virtually, Jim Sutter, CEO of USSEC, said,
“This agreement marks a new era of long-term partnership between the U.S. soy sector and Bangladesh’s soybean value chain. U.S. soy has become an essential part of the global food system.”
Quality & transparency drive U.S. imports
Tanzima Binte Mostafa, Director of Meghna Group, said,
“We chose the United States for its product quality, logistics efficiency, and transparent, rules-based trade practices. This agreement will help stabilize food prices and strengthen the agri-industrial sector.”
She also noted that,
“The current tariff structure on soybean imports poses some challenges. For long-term planning, this structure needs to be reconsidered.”
Md. Hasan, Managing Director of City Group, added,
“We are committed to supplying safe and sustainable food. Using high-quality U.S. soybeans will further strengthen Bangladesh’s protein sector.”
Helping reduce the trade deficit
Amirul Haque, Managing Director of Delta Agrofood Industries, said,
“U.S. products have always maintained superior quality. Through imports of LPG, crude oil, and soybeans, we can help make bilateral trade between our two countries more balanced.”
Currently, Bangladesh’s trade deficit with the United States stands at around $6 billion. Industry insiders believe this initiative will play a positive role in reducing that gap.
U.S. Chargé d’Affaires Tracy Jacobson said,
“We are moving toward a more comprehensive economic partnership where agriculture will play a vital role. Last year, trade between the two countries totaled $790 million, and this year it is likely to surpass $1 billion.”
Kevin Roepke, USSEC’s Regional Executive Director for the Middle East, North Africa, and South Asia, told Channel i that this agreement will further strengthen trade relations and open up new opportunities for progress between Bangladesh and the United States.
Rising demand for U.S. soybeans in Bangladesh
According to Khabibur Rahman Kanchon, USSEC Bangladesh Team Lead, USSEC’s October 2025 market report projects that soybean crushing in Bangladesh will increase by 9.1%, reaching 2.4 million metric tons in the 2025–26 fiscal year, driven by rising feed demand in the poultry and aquaculture sectors.
Currently, around 90% of Bangladesh’s soybean demand is met through imports, primarily from the United States and Brazil. According to data from the National Board of Revenue (NBR), Bangladesh imported 1.735 million tons of soybeans worth $780 million in the last fiscal year, including $350 million worth from the United States.
Focus on sustainable production
The agreement also emphasizes sourcing from sustainable origins and reducing environmental impacts. U.S. soybeans are produced under the Soy Sustainability Assurance Protocol (SSAP), which ensures environmentally responsible and socially conscious production practices.
Analysts say this new initiative will not only expand soybean trade but also serve as a strategic step toward strengthening Bangladesh’s protein sector and food security, paving the way for long-term growth in the country’s agricultural and trade relations.
