Canada offers to export canola oil to Bangladesh

Canada has proposed to sell canola oil to Bangladesh as an alternative to soybean oil amid a shortage driven by the Russia-Ukraine war.

Canadian High Commissioner Lilly Nicholls discussed the proposal with Commerce Minister Tipu Munshi at his office on Wednesday.

According to the Canola Council of Canada, an industry association, the official definition of canola is "Seeds of the genus Brassica”. Brassica is a genus of plants in the cabbage and mustard family.

Expressing her government’s eagerness to increase trade with and investment in Bangladesh, Nichols said Bangladesh has the option to import sufficient canola oil from Canada.

She offered Ottawa’s assistance for the import of canola oil through the Trading Corporation of Bangladesh under a government-to-government deal.

Tipu said Canada can establish plants in Bangladesh to produce canola oil. “Healthy canola oil may get popular in Bangladesh.”

“If Canada establishes canola oil plants in Bangladesh’s Special Economic Zones, it can also export to the neighbouring countries and make profit after meeting Bangladesh’s demand.”

He said the government has announced investment packages with special facilities. Therefore, Canada will be able to make profit if it invests in Bangladesh.

He also proposed to export potato to Canada and sought Canada’s help in research on such agricultural products.

Bangladesh exported goods worth $1.07 billion to Canada in the first nine months of the ongoing fiscal year and its imports from Canada in this period stood around $430 million.

Nichols noted that Bangladesh’s garments have a great demand in Canada.