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Latvia looks to develop exchange trade with Belarus

Economy 18.10.2019 | 18:14
Aleksandr Osmolovsky and Einars Semanis. Photo courtesy of BUCE
Aleksandr Osmolovsky and Einars Semanis. Photo courtesy of BUCE

MINSK, 18 October (BelTA) – Latvia is interested with developing exchange trade with Belarus, Latvia's Ambassador to Belarus Einars Semanis said as he visited the central office of the Belarusian Universal Commodity Exchange (BUCE) on 18 October, BUCE spokesperson Roman Yaniv told BelTA.

According to the ambassador, the fact that BUCE became one of the first organizations he visited after taking office is evidence of Latvia's high interest in increasing the exchange trade between the countries. “Latvia and Belarus are bound by centuries-old bonds of good neighborliness. Undoubtedly, this has an impact on trade and economic cooperation between our countries, which is becoming stronger and more fruitful year by year. At the same time, the exchange is an effective platform for interaction between Latvian and Belarusian businesses, creating favorable conditions for further development of bilateral trade. We appreciate it very much, and my visit today is a direct confirmation of this,” said Einars Semanis.

Chairman of the Board of BUCE Aleksandr Osmolovsky thanked the ambassador for his support and expressed hope that by joint efforts BUCE and the embassy will be able to significantly increase the number of Latvian stock exchange participants.

“Today Latvia ranks third behind Russia and Lithuania in the number of companies accredited on the stock exchange and is one of the largest buyers of Belarusian timber products. Latvian traders account for 16% of lumber exports and 20% of chips, which is tens of millions of US dollars. At the same time, the potential for increasing trade is still hugely untapped,” said Aleksandr Osmolovsky. “If we take timber products, we put high hopes on fuel pellets, and on rapeseed oil if we are taking agriculture. These products are in demand in the Latvian market.”

BUCE and the embassy agreed to intensify cooperation, including through information sharing and joint events aimed at popularizing exchange trade among Belarusian and Latvian businessmen.

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