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22 February 2024, 15:41

Kyrgyzstan’s Chamber of Commerce and Industry to promote exchange trade with Belarus

MINSK, 22 February (BelTA) - The Chamber of Commerce and Industry of Kyrgyzstan will join efforts with the Belarusian Universal Commodity Exchange (BUCE) to promote exchange trade between Belarus and Kyrgyzstan. The corresponding agreement was reached during an online meeting of representatives of the BUCE and the Chamber of Commerce and Industry of Kyrgyzstan on 22 February, BelTA learned from the press service of the BUCE.

The parties identified promising areas of cooperation to increase the number of Kyrgyz companies using the exchange mechanism and multiply the number of transactions concluded by Kyrgyz residents on the BUCE platform. 

The Chamber of Commerce and Industry of Kyrgyzstan expressed its readiness to assist in attracting new participants from among the members of the chamber to the exchange trading, as well as to help in finding a company that would become a broker of the BUCE in Kyrgyzstan. As for the commodity positions of interest for mutual exchange trade, the parties believe that it is expedient to export sawn timber, sugar beet processing products, milk powder and steel fittings to Kyrgyzstan through the exchange platform, while food raw materials, groceries and cotton fiber will be in demand in the Belarusian market.

“We support all the areas of cooperation proposed by the exchange and are ready to work out each of them in detail. We will pay special attention to informing the Kyrgyz business community about the possibilities of using exchange trading for doing business in Belarus. These can be both online seminars and conferences, face-to-face events, including onsite ones. For example, a Kyrgyz business delegation headed by the president of our chamber of commerce and industry is scheduled to visit Minsk in April 2024. A visit to the exchange will definitely be included in the business program,” said Nazira Katipova, Head of the Department of International Cooperation of the Chamber of Commerce and Industry of Kyrgyzstan.

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 commodity 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.

A total of 25 residents of Kyrgyzstan is accredited at the BUCE. In 2023, the amount of transactions of exchange traders from this country increased by 34% thanks to purchases of Belarusian lumber and sugar.
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