Turkish giant Nigella plans to invest $10m in Bangladesh's agro-tech sector

Nigella World, a Turkish giant in natural health and safe food products, plans to enter the Bangladesh market through a collaboration with Happy Haat Ltd, a local company specialising in safe food, fruits, and agricultural products for both domestic and international markets.

With a presence in 63 countries across Europe, North America, and Asia, Nigella World aims to invest $10 million in the agro-tech sector of Bangladesh within the next year, with the potential to increase the investment depending on favourable conditions and government support.

The partnership was formalised through the signing of a Memorandum of Understanding (MoU) between the two companies following a press conference in Dhaka.

Fatih EKE, group chairman of Nigella World, and Lt Col (retd) Ahmed Rehanul Bari Chowdhury, managing director of Happy Haat, signed the deal, solidifying their commitment to transforming Bangladesh's agro-tech sector while expanding the global reach of healthy, safe food products.

The event was presided over by Ashraful Haq Chowdhury, secretary general of the D-8 Chamber of Commerce and Industry (D-8 CCI). 

Bari Chowdhury stated after the signing that they expect to initially export around 40 products to 63 countries through Nigella World. Additionally, Nigella World will distribute 12 of their own products in Bangladesh through Happy Haat.

During the press briefing, Fatih EKE emphasised Nigella World's strong international presence in 63 countries, particularly known for its range of health products derived from black seed (Nigella). These products include herbal supplements, safe food items, skincare, and cosmetics, with the brand enjoying a global reputation for quality and reliability.

The collaboration with Happy Haat seeks to promote Nigella World's products in Bangladesh, while also introducing Happy Haat's pesticide-free, vertically farmed fresh produce to international markets. Happy Haat's unique approach involves contract farming with local farmers, ensuring high-quality products free from harmful chemicals, overseen by a team of food scientists and agro-experts.

Ashraful Haq Chowdhury welcomed Nigella World's team to Bangladesh, stressing the importance of strengthening economic and business ties between the two Muslim nations, both members of the D-8.

He noted that current trade between Bangladesh and Turkey stands at $1 billion, with hopes to boost it to $3 billion in the near future. He expressed optimism that Nigella World's entry into the Bangladesh market would positively impact the country's trade and investment landscape.

Fatih expressed his gratitude to the D-8 CCI for facilitating the opportunity and highlighted his interest in exploring investment opportunities not only in the safe food and agriculture sectors but also in technological advancements such as AI and blockchain for agriculture and food supply chains. He also expressed interest in Bangladesh's jute sector and eco-friendly textile and RMG industries.

Both companies committed to promoting sustainable agriculture, supporting local farmers, and upholding fair treatment practices. Nigella World's sustainability-driven approach aligns with Happy Haat's mission, as both seek to ensure quality, community-driven growth.