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Belarusian commodity exchange, China’s Shenyang to cooperate in exchange trading
Photo courtesy of BUCE
MINSK, 20 December (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Shenyang city administration reached an agreement to develop cooperation in electronic exchange trading as a delegation of the Department of Commerce of Shenyang, the administrative center of Liaoning Province, visited the BUCE central office in Minsk, BelTA learned from the press service of BUCE.
According to BUCE, this year the Chinese business made an active use of the exchange mechanism to work in the Belarusian market. The volume of transactions rose significantly. In January-November 2023, the amount of contracts concluded by Chinese residents at BUCE more than tripled year-on-year. Those were mainly contracts to export Belarusian products such as timber, rapeseed oil, milk powder and petrochemical products. As for imports from China, Belarusian bidders mainly purchased ferrous and non-ferrous metal products through BUCE. In this regard, BUCE plans to further increase the volume of export sales and also to expand the range of Chinese-made goods sold through the BUCE platform.
"Given the high level of development of the manufacturing and agriculture sectors in Shenyang and the extensive transport and logistics infrastructure, we count on the assistance of the city administration in involving local producers in exchange trade with enterprises of the Republic of Belarus. Such interaction will help promote trade and economic relations between our countries," Olga Gorelik, First Deputy Chairwoman of the Board of BUCE, said during negotiations with the Chinese delegation. “All the largest enterprises of the dairy and timber industries are accredited at BUCE and they are ready to export their products to the city of Shenyang and to Liaoning Province as a whole. In addition, we can help your exporters find partners in Belarus. For example, along with ferrous and non-ferrous metallurgy products, which are traditionally in demand in Belarus, your companies could sell polymers in primary forms and polymer packaging materials at exchange auctions. In January-November, purchases of these products by Belarusian enterprises exceeded $41 million.”
The head of the Chinese delegation, Deputy Secretary of the Shenyang Municipal People's Government Bu Shijie invited BUCE to take advantage of the opportunities of the Chinese-Russian industrial park operating in the city and the consolidation hub for trains to Europe. In his opinion, this will create favorable conditions for the development of exchange trade with companies from the northeastern part of China and will have a positive impact on the speed of delivery of goods to buyers. In addition, Bu Shijie invited the BUCE leadership to pay a return visit to Shenyang to hold a roundtable with the participation of Belarusian and Chinese companies.
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