BUCE chief: Import substitution may become vital part of Belarus-Nizhny Novgorod Oblast trade

MINSK, 2 February (BelTA) – Import substitution may become the vital part of trade between Belarus and Nizhny Novgorod Oblast of Russia, Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Aleksandr Osmolovsky said at a Belarus- Nizhny Novgorod business forum organized in Nizhny Novgorod by the chambers of commerce and industry of Belarus and Nizhny Novgorod Oblast, BelTA learned from the BUCE press service.

Aleksandr Osmolovsky noted that, given the significant industrial potential of Belarus and Nizhny Novgorod Oblast and close cooperation between enterprises, import substitution can become the linchpin of cooperation in exchange trading. “Exchange trading will give Nizhny Novgorod manufacturers a direct access to the Belarusian market, which means thousands of enterprises operating in the manufacturing industry, energy sector, agriculture and construction that are ready to regularly purchase a wide range of import-substituting goods. Polymer products, plastics, construction tools, spare parts for cars and equipment, workwear - all these products manufactured in Nizhny Novgorod Oblast are in demand in Belarus. We register more than 500 new applications daily. In turn, Belarusian exporters are interested in supplying carbon fiber, resins, hardeners, diodes, transistors, pumping equipment to Nizhny Novgorod Oblast. Our platform features all our flagship companies, as well as small and medium-sized businesses. For many of them, the commodity exchange is an integral element of their commodity distribution networks and one of the key sales channels,” said the BUCE head.

A total of 67 companies from Nizhny Novgorod Oblast use BUCE services; ten of them were accredited at BUCE last year. Ferrous metals, petrochemical products and agricultural products accounted for the bulk of trade in 2022. Belarus purchased electric-welded pipes, non-ferrous metal-roll and tall oil from Nizhny Novgorod Oblast, and sold acetone cyanohydrin and semi-finished leather products to this Russian region.