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17 August 2022, 11:55

First Pakistani broker accredited at Belarusian Universal Commodity Exchange

An archive photo
An archive photo

MINSK, 17 August (BelTA) – The first broker from Pakistan has been registered with the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the BUCE press service.

The company's name is AP Sakafat Forever. It has been participating in export trading in sawn products since December 2021 as a trading visitor. The company's decision to apply for a new status was prompted by its plans to expand its operations in Belarus. In addition to timber products, the company will be able to act as a broker to represent Pakistani companies at the sections that trade in petrochemicals (acrylic fiber), agricultural products (milk powder), industrial and consumer goods (surgical instruments, manicure and pedicure sets) and at the import substitution platform.

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky thanked the Embassy of Pakistan in Belarus for the information support that helped bring Pakistani companies to the exchange and encourage them to use exchange trade instruments to launch or scale up their operations in Belarus. The new broker from Pakistan will become the official representative of BUCE in Pakistan. “We will provide the necessary guidance to the company at every stage of its activity in a new status. And in general, the exchange is ready to carry out any training, including on-site seminars and workshops, so that Pakistani business people can get answers to all their questions, from general information to bid registration specifics ” the BUCE head assured.

The solemn ceremony of presenting the certificate of broker accreditation was held on 16 August. Taking part in the ceremony was Ambassador Extraordinary and Plenipotentiary of Pakistan to Belarus Sajjad Haider Khan. The diplomat first visited the stock exchange a year ago and all this time he has been actively supporting BUCE's efforts to build contacts with the Pakistani business community. The ambassador thanked BUCE for its willingness to host representatives of Pakistani business circles, even very small business delegations.

“All the companies that visited the BUCE office became very enthusiastic about launching their operations in Belarus, including using the services offered by the exchange. If needed, we are ready to provide samples of Pakistani products and make every effort to promote and facilitate trade relations between our countries,” Sajjad Haider Khan said.

President of AP Sakafat Forever Jawad ur Rehman Slehria noted that obtaining the broker accreditation certificate is not just a formality, but a deliberate and and well-calculated step for the company. “We have prepared a list of goods that can be delivered from Belarus to Pakistan and vice versa, worked out logistics issues, bank payments, in particular, we intend to actively use exchange sub-accounts. We plan a turnover of about $150 million and we will try to use all exchange instruments to achieve it,” Jawad ur Rehman Slehria said sharing his plans.

BUCE's import substitution platform was presented during the meeting. The Pakistani side spoke highly of the new tool, noting that this is a unique solution that opens up great prospects for Belarus-Pakistan trade, especially for manufacturers of goods on order. In this regard, Jawad ur Rehman Slehria expressed his readiness to arrange a seminar together with the chambers of commerce and industry of large cities of Pakistan in order to show, including by his own example, how information technologies and progressive solutions help overcome distances and develop business contacts.

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