MINSK, 4 August (BelTA) - The stock exchange offers great opportunities for the trade between Belarus and Pakistan, Ambassador Extraordinary and Plenipotentiary of Pakistan to Belarus Sajjad Haider Khan said as he visited the central office of the Belarusian Universal Commodity Exchange (BUCE) in Minsk on 4 August, BelTA has learned.
"The exchange platform offers really great opportunities for boosting the mutual trade between Pakistan and Belarus. I am sure that raising the awareness of Pakistani business about the BUCE's opportunities will contribute both to the growth of Pakistani export to your country and the import of products in demand in Pakistan from Belarus," the ambassador said.
According to the Pakistani diplomat, in the context of the ongoing pandemic, online exchange trading can give an impetus to the Belarus-Pakistan trade and economic cooperation and provide a fertile ground for strengthening business ties between business entities of the two countries.
"Last year the trade between Pakistan and Belarus was modest, just about $55 million. At the same time, I see significant potential for boosting it, including through a more active use of the exchange mechanism. As you know, Pakistan is one of the world's largest exporters of rice, wheat and other grain crops. We also have a very well-developed textile industry. I think Pakistani producers would be interested in supplying these goods to Belarus or other countries registered on your trading platform. In turn, Belarusian companies could export chemical and petrochemical products to Pakistan. These products are in high demand here,” Ambassador Sajjad Haider Khan said.
Chairman of the Board at BUCE Aleksandr Osmolovsky expressed hope that the visit of Pakistan's ambassador to Belarus would become a starting point for fruitful cooperation between the exchange and the embassy. He also confirmed readiness to provide necessary assistance to Pakistani business in entering the exchange commodity market of Belarus.
“The exchange will find contractors for Pakistani companies that want to work on our platform. One of our key advantages is that we help foreign business to solve most of the issues associated with entering the Belarusian market and minimize possible risks. We are ready to become a so-called springboard for Pakistani producers willing to supply their goods to the EU where we have about 4,000 accredited participants. We call it transit deals, when both the seller and the buyer are non-residents of Belarus. Over the past few months, companies from five countries have already successfully used this mechanism. A Pakistani exporter just needs to put up a sale order and we will take care of the rest Aleksandr Osmolovsky said.
The parties agreed to hold a number of joint events for the business community of Pakistan to raise awareness of the exchange mechanism. Plans are in place to organize a seminar on exchange trade for Pakistani businessmen and also an online presentation of the Belarusian Universal Commodity Exchange under the aegis of the embassy in September.
