Deal signed to bring Saskatchewan potash to Bangladesh

A report for the Saskatchewan government calls for the creation of a permanent fund for future development using non-renewable resource revenues.
Canadian Commercial Corporation signs deal for Canpotex to supply potash to Bangladesh. File / Global News

SASKATOON – A major signing in Saskatoon on Wednesday will see Canpotex supply potash to Bangladesh.

The deal worth US$40 million was signed between Canadian Commercial Corporation and Bangladesh Agricultural Development Corporation.

There is also a US$20 million option.

This is the first government-to-government sale arrangement between the two countries and corporations.

Saskatchewan Premier Brad Wall welcomed the deal, saying it will not only benefit the province, but also the people of Bangladesh.

“It provides Canpotex with new opportunities and access to a country that really needs our potash to boost its agricultural production and achieve its food security goals,” said Wall.

“For our province, the deal means potash becomes a major new part of our export mix to Bangladesh, a very important export market for Saskatchewan, a market where Saskatchewan is Canada’s leader.”

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Last year, Saskatchewan exported more than $326 million in goods to Bangladesh, accounting for nearly half of Canada’s exports to that country.

Canadian Commercial Corporation is a federal Crown corporation and acts as Canada’s international contracting and procurement agency.

Canpotex is the marketing arm of the three current potash producers in Saskatchewan – PotashCorp, Agrium and Mosaic.