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03 March 2021, 13:46

Belarusian Universal Commodity Exchange facilitates first deal with Egyptian company

The Belarusian Universal Commodity Exchange. An archive photo
The Belarusian Universal Commodity Exchange. An archive photo

MINSK, 3 March (BelTA) – The first deal to export Belarusian products to Egypt via the Belarusian Universal Commodity Exchange (BUCE) has been carried out, the BUCE press service told BelTA.

The Egyptian company Sama Al-Jazeera for Import and Export has bought a test batch of Belarusian sawn timber. It is the first time an Egyptian company has completed a deal via BUCE. According to the company's CEO Mahmoud Kandil, the strategic goal of the company is to become the largest importer of Belarusian sawn timber to Egypt and to other North Africa countries later on. The first step in this direction has already been made.

In his words, the deal has demonstrated that Egyptian companies can use BUCE to freely trade with Belarusian producers without any intermediaries. “We are pioneers in this regard. Despite the difficulties involved in mastering the new tool we are completely satisfied with the result. Naturally, it is just the first step. We intend to become the largest supplier of Belarusian sawn timber to the Egyptian market and to markets of neighboring countries where woodworking products also enjoy a strong demand,” the Egyptian businessman noted.

Apart from that, Mahmoud Kandil did not rule out the possibility of his company acting as a BUCE exchange broker. “We consider brokerage as the next step in cooperation with BUCE. Truth be told, we are not ready to assume the responsibility now. This is why for now we will endeavor to accumulate as much practical experience of participation in exchange trade as possible and will study the Belarusian market in detail. At the same time the prospects of becoming BUCE's first broker in Egypt look very appealing,” he stressed.

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 mercantile 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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