December 12, 2006

Leading soybean producing nations join to tap Indian market

Four of the world's leading soybean producing countries are seeking to boost global demand and are exploring opportunities for exports to India.

"Soybean industry representatives from Argentina, Brazil and Paraguay and the US will cooperate in building the worldwide soybean demand, starting with India," said Virgil Miedema, the American Soybean Association's regional director for South Asia.

Miedema said the four North and South American countries together account for more than 90 percent of the world's soybean output.

He said cooperation is to everyone's advantage because the potential for increasing soybean consumption in India is considerable.

Miedema said India's per capita annual soybean consumption is only 5.46 kilogrammes compared with 170.70 kg in the US, 35.67 kg in China and 161.55 kg in Brazil.

Representatives of the US Soybean Export Council, American Soybean Association, or ASA, United Soybean Board and associations of soybean growers in Brazil, Paraguay and Argentina are in India to meet Indian counterparts.

ASA has had an office in India for almost a decade.