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05 September 2022, 16:40

Samara Oblast business promotion center accredited at Belarus' commodity exchange

An archive photo
An archive photo

MINSK, 5 September (BelTA) – The Regional Center for Entrepreneurship Development of Samara Oblast has been accredited at the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the press service of BUCE.

This move is expected to ramp up cooperation between Belarus and Samara Oblast in the field of electronic trading and import substitution. “At the initial stage, a representative of the center will participate in auctions as an observer, without placing orders or making transactions. This will allow studying in detail the commodity exchange in Belarus, identifying promising areas of mutual trade, and also getting access to up-to-date information on prices for Belarusian goods that are in demand in Samara Oblast,” the press service said.

Many foreign companies, including those from Russia, use BUCE not only as a platform to make transactions, but also as a marketing tool. Participation in auctions allows them to stay current with exchange prices, analyze supply and demand, and find new business partners. In this context, accreditation of the Regional Center for Entrepreneurship Development of Samara Oblast as an observer is the first practical step to bring small and medium-sized businesses from this region of Russia to BUCE. In addition to informing Samara businesses about interesting bids placed on the Belarusian commodity exchange, the center will also help companies from Samara Oblast use the Belarusian commodity exchange to buy or sell products.

“In other words, the Regional Center for Entrepreneurship Development of Samara Oblast will partially perform the functions of an exchange broker without the right to conclude transactions on behalf of its clients. In this regard, we hope that the next stage of cooperation between the center and the exchange will be obtaining a brokerage certificate. This is expected to bring a considerable number of bidders from Samara Oblast and to ramp up the exchange trade of this region with Belarus,” the press service added.

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.

Currently, 14 non-resident brokers from 10 countries, including three from Russia, are accredited at BUCE.

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