A New Zealand based leading multinational dairy company -- Fonterra Co-operative Group Limited has expressed their interest to invest in the country's dairy sector, a high official of concern ministry said.
Fisheries and Livestock minister during his visit to New Zealand last year got the proposal from Fonterra for investment in the country's dairy sector.
To this effect, top officials of Fonterra visited Dhaka last month and submitted a proposal in this regard to the government requesting to arrange a government to government meeting (G to G) between Bangladesh and the New Zealand.
Board Director of Fonterra Co-operative Group Limited John Monaghan led the delegation.
Fonterra Co-operative Group Limited owned by 13000 New Zealand dairy farmers and the world's largest exporter of dairy products.
"During the visit, the Fonterra delegation had discussed the investment proposal with the fisheries and livestock minister Muhammed Sayedul Hoque," an official of the ministry, who is involved with the process told the New Nation preferring anonymity.
"They are highly satisfied with the investment potential in the dairy sector of Bangladesh," the official said. "The Fonterra has already sent a proposal to invest in Bangladesh's dairy sector considering its potential. If everything goes accordingly then the investment of Fonterra would reshape the landscape of local dairy sector," he added.
He said that the Fonterra officials have asked the ministry to arrange a meeting between Bangladesh and New Zealand governments for a detailed discussion on finalising the investment proposal.
However, according to the high official of the ministry, the government has started the process of finalising investment proposal from New Zealand's dairy giant.
As part of the process, the ministry of fisheries and livestock (MoFL) sent a letter to the Economic Relations Division (ERD) to arrange a government-level discussion between Bangladesh and New Zealand to expedite the investment in the local diary industry.
"We have sent a letter to the ERD requesting them to arrange discussion between Bangladesh and New Zealand for finalising the investment proposal," another senior ministry official said.
Meanwhile, trade between Bangladesh and New Zealand is undergoing a healthy growth, though the trade balance is largely tilted toward 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 exports to Bangladesh are milk powder, which is 90 per cent of the total shipment, while electrical equipment constitutes 2.9 per cent and waste steel 2.0 per cent and fruits 1.4 per cent.
Bangladesh exported goods worth US$ 40.90 million to New Zealand between June 2014 and April 2015, which was $ 40.65 million during the fiscal year 2013-14, according to the Export Promotion Bureau (EPB).
Fonterra is a global, co-operatively-owned company with its roots firmly planted in New Zealand. It accounts for more than 25 per cent of New Zealand's export. It employs 16,000 people in New Zealand and elsewhere in the world working to make dairy available to millions of consumers in 140 countries every day.
Fonterra produces more than two million tonnes of dairy ingredients, specialty ingredients and consumer products each year. About 95 per cent of these are exported to a world wanting more and more of the nutritional benefits we offer.
The company has 30 manufacturing sites across the country and processes about 16 billion litres of New Zealand's farmers' milk each year. It has operates in more than 100 countries across the world.
| A NewNation release | January 10, 2017 |