MINSK, 29 September (BelTA) - The amount of transactions made by Latvian companies at the Belarusian Universal Commodity Exchange (BUCE) reached $47 million in January-August, which accounted for 16% of the total trade between Belarus and Latvia, Chairman of the BUCE Board Aleksandr Osmolovsky said as he met with the outgoing head of the Latvian Foreign Economic Mission at the Latvian Embassy in Belarus Georgijs Vojevoda, BelTA learned from BUCE's press service.
"Despite closed borders and the decline in business activity amid the coronavirus pandemic, we have not only maintained but also to increased trade with Latvia. For example, the export of Belarusian rapeseed oil to the Latvian market has grown fourfold, that of cement - 17 times. This is the result, among other thongs, of the close and fruitful interaction of the BUCE with the Latvian Foreign Economic Mission," said Aleksandr Osmolovsky.
For his part, Georgijs Vojevoda hailed the important role of the BUCE in the development of trade and economic cooperation between the countries, stressing that for many representatives of Latvian business the BUCE platform has become a familiar tool, which they use daily in their activities. “I keep in touch with Latvian businessmen and see dramatic changes in their attitude to exchange trading. In the past I sometimes had to explain what the exchange was and how it worked. Now they understand on the go. I think you have experienced this yourself. After all, as far as I know, Latvia ranks third in the number of companies accredited at the BUCE. Eighteen more have joined this year. The interest in the exchange is growing, and this is an objective fact,” the Latvian diplomat said.
The parties also discussed the prospects for further joint work as Georgijs Vojevoda is completing his diplomatic tenure in Minsk. An agreement has been reached to continue cooperation in the format of consultations and exchange of information. "It's just a change of status, no more. I remain interested in the dynamic trade between our countries. For 8 years Belarus has really become my second home and will remain it wherever I go," Georgy Voevoda added.
The Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. The BUCE is one of the largest merchant 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.
