Fonterra, a globally renowned dairy products giant of New Zealand, is now eyeing to invest in Bangladesh's dairy sector considering its potential, officials said.
To this end a high-powered delegation of Fonterra is expected to visit the country early next year, they added. Â
The plan for investment by Fonterra in Bangladesh evolved during the visit of Fisheries and Livestock Minister Muhammed Sayedul Hoque to New Zealand in August last.
He discussed the prospect of investment in Bangladesh with the Board Director of Fonterra Co-operative Group Limited John Monaghan in Wellington, New Zealand.
"We had discussion with the board director of Fonterra John Monaghan. We invited him to visit Bangladesh. He expressed his willingness to visit and invest in the dairy sector of Bangladesh. We are expecting to welcome him in the country early next year," Sayedul Hoque told the FE.
He said that the Ministry of Fisheries and Livestock (MoFL) has sent a letter to Mr Monaghan through the Ministry of Foreign Affairs (MoFA) recently for finalising the date of his visit.
In reply, Mr Monaghan informed the government about his positive intention to visit Bangladesh soon.
"We wish to work alongside you (Bangladesh government) for further developing the country's dairy industry. We value our relationship with your (Bangladesh) government and wish to see it grow in the years ahead," he replied to the government.
"His (Mr Monaghan's) visit will greatly contribute to strengthening the existing relations and herald new opportunities for meaningful engagement in terms of investment and capacity building between the two countries," Mr Hoque said.
Trade between Bangladesh and New Zealand is undergoing a healthy growth though the trade balance is largely tilted in favour of Wellington. Bangladesh enjoys duty-free market access to New Zealand.
Bangladesh's major exports to New Zealand are woven garments which constitute 66.9 per cent of total shipment, while woolen garments represent 20.8 per cent, jute products 6.8 per cent, hats 2.5 per cent and miscellaneous garment accessories 1.4 per cent.
New Zealand's main export to Bangladesh is milk powder which is 90.0 per cent of total shipment while electrical equipment constitutes 2.9 per cent and waste steel 2.0 per cent and pip fruit 1.4 per cent.
Bangladesh exported goods worth US$ 40.90 million to New Zealand during June 2014 to April 2015 period which was $ 40.65 million during the fiscal year (FY) 2013-14, according to the Export Promotion Bureau (EPB).  Â
   talhabinhabib@yahoo.com
Fonterra to make foray into BD dairy industry
Talha Bin Habib | Published: November 07, 2015 00:00:00 | Updated: November 30, 2024 06:01:00
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