Asian Demand Driving Our Business: Potash CEO
The increase in consumer demand in Asia will keep the market for Potash’s products strong, CEO Bill Doyle told CNBC Wednesday.
“China’s GDP (gross domestic product) is rising 9 percent this year and India’s up over 7 percent, so the markets for our products are very strong,” said Doyle, referring to the Canadian company’s line of fertilizer goods.
The migration of 150 million people in China to the cities has meant great business for Potash. “People in the cities consume four times as much meat as the rural areas and that means more grain and more fertilizer,” Doyle said.
Doyle views 2010 as a “transition” year for Potash and 2011 as “a growth year.”
“I think the world (economy) is recovering despite what you read in the headlines,” said Doyle.
Doyle thinks Potash is well-positioned because it is one of the largest fertilizer companies in the world. “The big key is, of all the food produced in the world, 40 to 60 percent comes from fertilizer,’ Doyle said.