Business news
BUCE to cooperate with Tambov Oblast Business Support Coordination Center
Photo courtesy of BUCE
MINSK, 29 August (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) has signed an agreement on cooperation with the Tambov Oblast Business Support Coordination Center during a visit of the Tambov Oblast delegation to Belarus, BelTA has learned.
The agreement outlines the priority areas of cooperation between BUCE and the Tambov Oblast Business Support Coordination Center. Plans are in place to start with joint online and offline seminars for representatives of small and medium-sized businesses in the region. This will not only inform Tambov businessmen about the possibilities of the Belarusian exchange platform but also help identify the key groups of goods that can ensure a stable commodity flow between Belarus and Tambov Oblast.
According to BUCE, establishing partnerships with chambers of commerce and industry and business support centers is the basis for boosting exchange trade with Russian regions. “We immediately get access to potential bidders who would like to sell their goods in Belarus or use the exchange mechanism for procurement purposes,” the press service said.
There are plans to attract suppliers of products demanded by domestic consumers with the help of the Tambov Oblast Business Support Coordination Center. The in-demand products are, first of all, grain and oilseed meal, which are regularly and in large volumes purchased by Belarusian agro-industrial enterprises. In January-July 2023, the exchange sales of oilseed meal exceeded 261,000 tonnes, and those of grain – 158,000 tonnes. The growth made up 139% and 151% respectively, compared to the same stretch a year ago.
Import substitution may become another point of growth of the Belarusian-Tambov exchange trade. BUCE introduced such an electronic service last year and it has already gained popularity among foreign companies, mostly from Russia.
“In import substitution, both Tambov and Belarusian exporters have wide opportunities. Farming machinery, industrial equipment, measuring devices, spare parts and components can all be possible subjects of transactions on the exchange electronic platform. Besides, according to statistics, Russian companies are the most active users of our trading platform. We hope that the Tambov Oblast enterprises will be able to organically integrate exchange instruments into their activities,” 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.
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