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31 January 2023, 17:48

Singaporean goods to debut at Belarusian commodity exchange

MINSK, 31 January (BelTA) - Singaporean goods will debut at the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the BUCE press service.

The matter is about the sale of high-tech industrial equipment at the BUCE import substitution platform. To this end, two new companies from Singapore have been accredited with the exchange and are planning to put up first applications for sale soon.

According to the press service, earlier Singapore companies participated in exchange trading only as buyers. "Under the purchase application placed by one of the domestic industrial flagships, we attracted manufacturers of laser equipment from Singapore interested in working in the Belarusian market. We are set to intensify exchange trade with this Asian country, which for the time being has been a net importer of Belarusian goods. They buy mostly skimmed milk powder and, as of recently, timber. For example, in 2022, the BUCE timber export to Singapore amounted to $9.3 million, which was much higher than in 2021. This year, we will step up our work with Singapore," BUCE said.

Nine companies from Singapore have been accredited with the exchange. A number of them regularly participate in special trading sessions for timber with delivery to the country of destination. It is expected that the placement of applications to sell Singapore-made goods in the BUCE trading system will cultivate a favorable competitive environment and reduce the costs of Belarusian enterprises engaged in purchases at the BUCE, the press service noted.

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