Dhaka: In a major development in India-Bangladesh bilateral relations, the neighboring country, which had shown signs of drifting closer to China, has once again turned to India for help. While India-Bangladesh relations have faced challenges, India has consistently stood firm in supporting Bangladesh during its times of need. Despite frequent accusations from Bangladesh, New Delhi has extended help under its ‘Neighbourhood First’ policy.
Bangladesh’s Rice Purchase from India
Amid the food supply crisis and skyrocketing inflation, the interim government of Bangladesh has decided to purchase 50,000 tons of rice from India. Notably, the neighbouring country will use the rice for state-sponsored food distribution programs, and India has agreed to supply it.
The proposal was approved during an Economic Affairs Advisory Committee meeting chaired by Finance Advisor Salehuddin Ahmed. Afte the crucial meeting, Bangladesh’s Food Ministry plans to import rice from M/s Bagadia Brothers Private Limited at USD 456.67 per ton.
Food Security and Distribution Plans
As per the Food Ministry, Bangladesh had a food stock of 1.1148 million tons including 742,000 tons of rice (Data as od December 17). In the current fiscal year, it has imported 2.625 tons of food grains, which also includes 54,170 tons of rice.
For the 2024–25 fiscal year, the government plans to distribute 2.052 million tons of food grains through various channels. 800,000 tons of rice will be procured locally from the Aman season harvest, with more rice to be collected during the Boro season in early 2025.
LNG and Fertiliser Procurement
It is to be noted that apart from rice, Bangladesh has approved proposals to procure Liquefied Natural Gas (LNG) and fertilisers. As per reports, the neighbouring country is planning to buy LNG cargoes from Switzerland’s M/s TotalEnergies Gas and Power Limited, priced at USD 14.25 per MMBtu and $13.87 per MMBtu.
Additionally, the Ministry of Industries is also planning to purchase 90,000 tons of urea from the middle east countries like – Qatar and Saudi Arabia.
Procurement of Essential Goods
In an effort to stabilize its food supplies and boost the economy, Bangladesh’s Trading Corporation (TCB) is reaching out to local industries. Setting its sight on Dhaka’s Sheikh Agro Food Industries, they’ll be purchasing a hefty 10,000 tons of lentils, spending Tk 95.40 on each kilogram. Not stopping there, TCB is planning to buy a whopping 11 million litres of soybean oil from another Dhaka-based firm, the City Edible Oil Limited, parting with Tk 172.25 for each litter. This indeed showcases Bangladesh’s strategic import plans aiming to nurture regional kinship with India.
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