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09 February 2023, 16:02

Uzbekistan's Fergana Region shows interest in BUCE import substitution platform

MINSK, 9 February (BelTA) – Fergana Region, Uzbekistan is showing interest in using the import substitution platform of the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the BUCE press service.

The prospects of using the import substitution platform of the Belarusian Universal Commodity Exchange to develop trade relations and mutual promotion of products of Belarusian and Uzbek manufacturers were discussed during a visit of a delegation of the business community and local authorities of Uzbekistan's Fergana Region to the BUCE headquarters. According to the representatives of Uzbekistan, the exchange platform can become a valuable information resource for companies from Fergana Region that would like to supply import-substituting goods to Belarus, as well as facilitate the purchase of Belarusian products that are in demand in Uzbekistan.

“The exchange trading platform is interesting, first of all, as a marketing tool, with the help of which one can assess the volume of supply and demand, get up-to-date information about prices and, most importantly, find new business partners. In Uzbekistan, just like in Belarus, we pay close attention to production localization and import substitution, so if we establish cooperation in this area, it will certainly contribute to the growth of trade between our countries,” said Akmal Pulatov, Advisor to the Governor of Fergana Region on Localization and Industry.

The parties discussed the problems of mediation and security in cross-border transactions, which are often faced by Uzbek and Belarusian companies engaged in foreign trade. In this regard, Deputy Chairman of the Board of BUCE Aleksei Matsevolo noted that BUCE's system of transaction support and access to trading allows minimizing possible risks for participants, both residents and non-residents of Belarus.

"Almost all potentially dishonest participants are eliminated at the accreditation stage. BUCE also ensures proper execution of exchange contracts through the use of a number of tools, such as settlements through BUCE accounts or deposit-based access. As a result, the share of ‘problematic' transactions that reach the BUCE arbitration commission has not exceeded 1% for many years. As for mediation, both producers and their sales representatives are represented on the our platform," Aleksei Matsevolo emphasized.

According to him, such a flexible approach to the admission of participants creates the necessary competitive environment and provides opportunities even for small companies and individual entrepreneurs, with whom not all manufacturers are ready to work directly.

"In any case, we are customer oriented. If an Uzbek enterprise wants, say, to purchase Belarusian dairy products, sugar or timber from the manufacturer, it will always be able to do it," Aleksei Matsevolo summed up.

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