CIC Agri Businesses to go global

by Lalin FERNANDOPULLE

CIC Agri Businesses will commence operations with its Bangladesh joint venture company Rahimafrooz this year, said Managing Director/CEO, CIC Agri Businesses, Keerthi. B. Kotagama.

Managing Director/CEO CIC Agri Businesses Keerthi B. Kotagama and officials of Rahimafrooz exchange the agreement.

He said the objective of the venture is to replicate the CIC model and support the agricultural sector in Bangladesh. CIC will make a substantial investment and provide technical assistance.Rahimafrooz, founded in 1954 by A.C. Abdur Rahim as a trading company is one of the largest business groups in Bangladesh.

The company is into automotive, retail chain, lubricants, power and energy, lighting products and electrical accessories.

There is ample room for agricultural development in Bangladesh. Agricultural development in Bangladesh has been slow due to lack of expertise.

“We want to develop the agricultural sector in Bangladesh and create a vibrant market in the country by sharing our expertise” Kotagama said.

The agreement for the joint venture was signed early this month in Bangladesh. CIC Agri Businesses manages over 10,000 acres of its own farm land, works directly with over 20,000 rural farmers and produces a variety of agricultural and livestock products such as seed paddy, rice, fruits, vegetables, eggs, yoghurt and curd.

Kotagama said land and the capital for the project will be provided by the Bangladesh company while CIC will provide technological know-how and human resource training.

CIC provides seeds for fruits, vegetables and paddy in addition to its agricultural inputs such as fertiliser, agro chemicals, green houses and irrigation systems.