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Economy
26 October 2021, 18:15

Belarusian commodity exchange mulling over export of timber and steel products to Israel

MINSK, 26 October (BelTA) - Belarusian Universal Commodity Exchange is mulling over regular deliveries of domestic timber and steel products to Israel, BelTA learned from the BUCE press service.

The prospects for exporting Belarusian timber and steel products to Israel through the stock exchange and the strategy for entering this market were discussed during a meeting between BUCE executives and a representative of a large Israeli group of companies accredited at BUCE as a non-resident broker.

Co-founder of the Israeli group of companies Boris Gelfand noted that there is a great demand for Belarus-made products and that they will be able to successfully compete with peers from other countries both in terms of price and quality. The fact that BUCE ensures control over the execution of transactions will serve as an additional incentive for the purchase of Belarusian goods.

"I think we have every chance to enter the Israeli market and carve out a certain market niche there. It is best to start with the export of timber since before becoming a stock broker, our company was engaged in procurement and distribution of timber products. Our client base is, in fact, a pool of buyers. We are also planning to promote Belarusian steel products. The Israeli metal market segment is estimated at about $4 billion. BUCE provides an opportunity to sell almost any volume. There is a true construction boom in Israel, and the demand for fittings and metal structures is very high. At the same time, one of the key arguments in favor of exchange trading will be not only access to major Belarusian suppliers but also a minimum level of risk compared to over-the-counter trade," the Israeli businessman said.

Chairman of the Board of BUCE Aleksandr Osmolovsky stressed the high interest of the exchange in promoting trade with Israel and proposed to join forces to achieve a synergy effect. "You know the Israeli market very well, maintain contacts with all major players, and thanks to the absence of a language barrier, will be able to properly present BUCE and its advantages. For our part, we are ready to assist you in finding business partners in Belarus not only in the timber or steel industries but throughout the entire range of goods produced in Belarus. More than 21,000 Belarusian companies are accredited with BUCE, and I believe that many of them would like to supply products to Israel. By joining forces, we will be able to build a solid trade bridge between our countries."

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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