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13 October 2021, 15:14

Belarusian commodity exchange expects to welcome more timber producers from Russia's Pskov Oblast

MINSK, 11 October (BelTA) - Belarusian Universal Commodity Exchange expects to increase sales of timber products from Pskov Oblast of Russia, spokesman for the Belarusian Universal Commodity Exchange (BUCE) spokeswoman Roman Yaniv told BelTA.

A business forum organized by Belarusian Universal Commodity Exchange with the support of the Pskov Chamber of Commerce and Industry focused on ways to make a wider use of the Belarusian commodity exchange to export timber products by Pskov Oblast companies. The event featured about 30 Russian companies, who attended both in person and via a videoconference call.

The exchange mechanism will enable Pskov business to supply their goods not only to the Belarusian market, but also to Europe and Asia where BUCE has a network of business partners ready to purchase timber products in almost any amount, First Deputy Chairman of the Board of BUCE Andrei Novikov said.

"First of all, we are interested in saturating the domestic market with Russian lumber and round timber since the demand for these goods is still high. Offers from Pskov companies will definitely not be ignored. At the same time, the exchange platform can help you tap into new markets and reach buyers from the Baltic countries, the UK or China, and these are much more capital markets. China alone annually imports timber for almost $8 billion. In short, for you BUCE is almost unlimited export opportunities," he said addressing the business forum.

In light of this, Vladimir Zubov, the president of the Chamber of Commerce and Industry of Pskov Oblast, expressed readiness to join forces with BUCE and involve woodworking and logging companies from this Russian region in the exchange trade. According to him, the interests of the chamber and the exchange are completely aligned in this matter.

"Most of the members of our chamber are small and medium-sized businesses. Meanwhile, efforts to branch out into new markets require, as a rule, significant financial expenses, and are associated with certain risks. In my opinion, the exchange is a safer and more predictable instrument in this regard. In addition, as far as I know, some Pskov exporters have been successfully working on the Belarusian commodity exchange for some time. The volume of transactions is still small, but I think that by joint efforts we will be able to correct this state of affairs,” Vladimir Zubov noted.

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.

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