The Flour Fortification Initiative, which is funded by governments, the United Nations and the private sector, wants to see 70 per cent of the world's milled flour fortified with at least iron and folic acid by 2008.
Currently only 20 per cent is thought to have added nutrients.
The group is targetting the grain industries in the most populated countries like Egypt, Iran, Turkey and the Democratic Republic of Congo as well as putting pressure on governments. However it admits that millers will have to cover most of the extra costs of vitamin fortification.
Yesterday it emphasised that adding an iron and folic acid pre-mix to flour only costs around $0.50 per tonne, compared with the $100 pricetag on a tonne of wheat.
Speaking at a regional grain trade meeting in Marrakesh, Irfan Hashmi said fortification of flour was "the most cost efficient way of distributing vitamins to people and the returns on any investment are substantial".
"A lack of vitamins and minerals is damaging the health of one-third of the world's people and holding back the economic development of virtually every country in the southern hemisphere," he said.
Adding iron to flour can increase national GDP (gross domestic product) by up to 2 per cent and eliminating iron deficiency would have a benefits-to-cost ratio in developing nations second only to the prevention and control of HIV/AIDS, claims the FFI.
Iron deficiency is known to reduce productivity so it also has an economic impact. Folic acid can significantly reduce the number of neural tube defects such as spina bifida in babies.