Business news

11 May 2023

Belarusian commodity exchange to strengthen ties with Nizhny Novgorod export promotion center

Photo courtesy of BUCE

MINSK, 11 May (BelTA) - To further step up exchange trade between Belarus and Russia’s Nizhny Novgorod Oblast, the Belarusian Universal Commodity Exchange will continue to strengthen partnerships with the regional export promotion center, BUCE spokesman Roman Yaniv told BelTA.

Emphasis will be placed on practical measures aimed at the widest possible involvement of small and medium-sized businesses in exchange trading.

According to the BUCE press service, the first joint seminar for Nizhny Novgorod business, held at the end of April, has already yielded results. Two new companies from this region have been accredited with the exchange. All in all, 77 Nizhny Novgorod enterprises are accredited with BUCE, 7 of which came to the Belarusian stock exchange in 2023.

"Cooperation with the export promotion center of Nizhny Novgorod Oblast provides an effective channel of communication with the business community of the region. There are hundreds of trade and manufacturing enterprises interested in working in the Belarusian market. Moreover, many of them already have experience in e-commerce, so there are usually no difficulties with using the exchange platform. Perhaps that was why most of the questions asked by the participants of the recent seminar were about practical aspects of exchange trading," the BUCE press service noted.

In addition to joint training and information events, brokerage is considered as one of the promising areas of cooperation between BUCE and the export promotion center of Nizhny Novgorod Oblast. This year, the status of stock brokers has been assigned to similar structures in Rostov Oblast, Samara Oblast and Tula Oblast, the Republic of Mordovia and the Chuvash Republic. It is expected that the accreditation of the broker in Nizhny Novgorod Oblast will help achieve even higher growth rates of mutual exchange trade. In January-April, the amount of transactions increased by 4.6 times.