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19 January 2023, 15:50

First company from Mongolia accredited at Belarus' commodity exchange

An archive photo
An archive photo

MINSK, 19 January (BelTA) – The first company from Mongolia has been accredited at the Belarusian Universal Commodity Exchange (BUCE). Thus, BUCE's geography has expanded to include 71 countries on four continents, BelTA learned from the BUCE press service.

The Mongolian company plans to use the BUCE services to supply mining products to Belarus, including fluorspar and slag used in the metallurgical industry, as well as to purchase Belarusian metal products and agricultural goods.

“The interest of Mongolian business in our commodity exchange is understandable. Belarus' all metallurgical enterprises are accredited at BUCE and participate in trading; transactions in the metal products section amounted to Br2.2 billion in 2022. In other words, the largest consumers and producers of goods that are of interest to the Mongolian company are present at BUCE. The situation is similar in the agricultural industry: the commodity exchange offers a broad range of products of domestic agricultural enterprises, including milk, cream and butter, and these products are in demand in Mongolia. In addition to that, commodity exchange has an advantage over direct contracts due to an effective system of control over fulfillment of obligation, therefore it is more reliable. Thus, the use of our platform to access the Belarusian market makes perfect sense,” the press service said.

The next step will be granting the Mongolian enterprise the status of a broker at BUCE. This will enable the company to act as the official representative of BUCE in Mongolia and to bring new importers and exporters to the Belarusian commodity exchange.

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