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20 March 2024, 11:19

Belarusian commodity exchange seeks to attract Tanzanian companies to exchange trading

MINSK, 20 March (BelTA) - The Belarusian Universal Commodity Exchange and the Embassy of Tanzania in the Russian Federation have outlined steps to attract Tanzanian companies to exchange trading in agricultural products and industrial goods, BelTA learned from the BUCE press service.

The parties plan to focus on raising awareness of the Tanzania business community about business opportunities in Belarus and to consult Belarusian enterprises accredited at BUCE on sale/purchase of goods in Tanzania and other East African countries. These areas of cooperation were discussed during a visit of Economic Counselor of the Embassy of Tanzania in the Russian Federation Joshua John Magigita to the BUCE central office to learn more about its work, the main commodity items and risk insurance tools available on the Belarusian exchange.

"First of all, it is important to draw up an action plan to raise the awareness of the Tanzanian business community. It makes sense to involve the  Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) which unites about 9,000 companies from various manufacturing industries and agriculture. Many of them are actively engaged in export/import operations, including in Russia. Therefore, I have no doubt that there will be interest in your electronic platform as an entry point to the Belarusian market," the Tanzanian diplomat believes.

Following the negotiations the parties compiled a preliminary list of commodities for mutually beneficial exchange trade between Belarusian and Tanzanian enterprises. Plant protection products, microfertilizers, feed additives and petrochemical products are among the promising commodities for export to Tanzania. Belarus will eagerly import seeds, groceries, raw materials for the food industry and cotton yarn.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
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