MINSK, 21 November (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) plans to start selling petrochemical products for the Indian pharmaceutical industry, BUCE spokesman Roman Yaniv told BelTA.
Tosco Pharmachem, a pharmaceutical company from India, has received accreditation at the Belarusian Universal Commodity Exchange to purchase petrochemical products. The company produces and sells chemicals and reagents for the Indian pharmaceutical industry. Tosco Pharmachem plans to purchase acetone cyanohydrin on the Belarusian stock exchange, and considers buying other chemicals and preparations in the future.
“India is among the world's top three manufacturers of pharmaceutical products, so the interest of the Indian pharmaceutical company in the Belarusian exchange platform opens up new opportunities for the export of domestic petrochemical products. In addition to increasing the Belarus-India exchange trade, this will help us learn how to operate in the Indian market, and this experience will come in handy when selling other commodities to India, including synthetic fibers that are already being supplied to India's neighbor Pakistan. Negotiations are underway with Belarusian manufacturers who can offer the goods sought by the Indian company. Of course, after a pilot deal is concluded, the expansion of the product range will be considered,” the BUCE press service informed.
The BUCE representative emphasized that tapping into the markets of Asia and the Middle East is seen by the exchange platform as one of the priority measures to diversify exports. In particular, in January-October 2022, Belarus' export to China doubled year-on-year, the export to Singapore soared 6.6 times, to Turkey 21 times, to Uzbekistan 30 times.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.