Historic contract signed with Bangladesh Agricultural Development Corporation
June 9, 2016
In May, the Canadian Commercial Corporation signed an historic $40 million USD contract with the Bangladesh Agricultural Development Corporation (BADC) for Canadian potash from Canpotex Ltd. This order will include the one millionth tonne of Canadian potash delivered to Bangladesh since shipments began in 1973.
The contract was negotiated by the Canadian Commercial Corporation, the Government of Canada’s international government-to-government contracting organization.
- Potash is a critical item for Bangladesh’s agricultural industry and is a driver for their continued domestic development.
- The potash will be mined from Canpotex’s member’s mines.
- As one of the world’s largest producers of potash, Canada accounts for 30 percent of the mineral’s total global production.
- In 2015, Canada’s potash exports were worth $6.1 billion.
- The Saskatchewan potash industry is planning on spending $13.5 billion to nearly double productive capacity at existing mines.
- Canada holds 46 per cent of the world’s potash reserves, with the Prairie Evaporite Deposit, which lies beneath the southern plains of Saskatchewan, accounting for a significant portion of these reserves.
- Canada’s potash industry employs approximately 5,000 Canadians.
- In 2014-15, the Canadian Commercial Corporation was active in 57 countries and with more than 168 Canadian companies, signing export contracts worth over $1.2 billion.
“Canada accounts for almost a third of potash production globally. Today’s deal is an excellent example of the export opportunities that exist for Canada, and the particular role that the Canadian Commercial Corporation can play in opening new doors for our exporters.”Hon. Chrystia Freeland, P.C., M.P., Minister of International Trade
“We are thrilled to be helping Canadian exporters access international markets through our International Commercial Business line. By working with CCC, Canadian exporters can take advantage of a unique government-to-government contract that includes a Government of Canada guarantee of contract performance to help grow their international business.”Martin Zablocki, President and CEO, Canadian Commercial Corporation
“This contract is an excellent example of the advantages offered by a government-to-government approach. One million tonnes of Potash delivered to Bangladesh is no small accomplishment and CCC is proud to have contributed to this successful ongoing endeavour.”Cameron McKenzie, Vice-President, Business Development and Sales, Canadian Commercial Corporation