Government Bodies
Flag Tuesday, 6 June 2023
Minsk Clear +11°C
All news
All news
15 March 2023, 11:42

Russia's Nizhny Novgorod to use electronic instruments of Belarusian commodity exchange

Photos courtesy of BUCE
Photos courtesy of BUCE

MINSK, 15 March (BelTA) - The agreement on the use of the electronic import substitution platform of the Belarusian Universal Commodity Exchange (BUCE) by the industrial sector of Nizhny Novgorod Oblast was reached following a meeting between an official delegation of this Russian region and BUCE's senior executives, BelTA learned from BUCE's press service.

The initial stage suggests using the stock exchange instruments on a small number of companies and then scale up the experience onto a wider range of enterprises from various industries. The project is about both the export of Russian-made products and the purchase of Belarusian goods for import substitution purposes.

"Of course, this is a very interesting and useful tool with the widest opportunities, which we will definitely use," Maksim Cherkasov, Minister of Industry, Trade and Entrepreneurship of Nizhny Novgorod Oblast, said during the presentation of the Belarusian exchange platform.

He urged to start the work in the identified areas of cooperation soon. "I propose we build the work as follows. The Center for Import and Import Substitution and the Export Promotion Center will be tasked with sending as many purchase and sale applications as possible. This will give our companies an opportunity to see how the exchange mechanism works, to study all the nuances of participation in trading and to assess the effectiveness of this tool. If we see that the exchange really helps to address import substitution and export diversification tasks, we will definitely recommend the Belarusian platform to all enterprises of our region," Maksim Cherkasov said.

Chairman of the Board of BUCE Aleksandr Osmolovsky supported the proposal of the head of the Russian delegation, once again stressing BUCE's readiness to provide all the necessary assistance to enterprises of Nizhny Novgorod Oblast interested in integrating exchange trading into their trade and procurement programs.

“If necessary, BUCE will send specialists to enterprises, help with accreditation and teach the basics of exchange trading. We are very mobile. However, in my opinion, we should develop our cooperation in a broader way. After all, the import substitution platform is only part of our digital ecosystem, it does not cover the entire range of commodity items presented on the stock exchange. Milk powder, butter, oilseed meal, rolled metal, petrochemical products - all these goods can be the subject of transactions between Nizhny Novgorod and Belarusian companies. Therefore, let's study these issues further. I am sure that they will be no less in demand than, say, industrial equipment and spare parts," Aleksandr Osmolovsky believes.

Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.

Subscribe to us
Recent news from Belarus