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Russia’s Samara Oblast eager to increase exchange trade with Belarus
Photo courtesy of the Belarusian Universal Commodity Exchange
MINSK, 21 June (BelTA) – Russia’s Samara Oblast is interested in stepping up exchange-facilitated trade with Belarus in all the essential commodity areas. The possibilities were discussed as a Samara Oblast delegation met with top executives of the Belarusian Universal Commodity Exchange (BUCE), BelTA has learned.
BUCE Chairman of the Board Aleksandr Osmolovsky welcomed the Russian delegation’s initiative in favor of informing Samara Oblast enterprises about BUCE’s advantages as an alternative tool for doing business in Belarus. He also suggested providing informational support and technical support if necessary. “If necessary, our specialists can arrange online training for interested companies or can go to Samara Oblast and organize an offline seminar. As far as information about current prices and the choice of products available via BUCE is concerned, the information can be found on the BUCE website. For instance, price quotations, which are calculated as a result of trade sessions, and registries of purchase and sale bids are published every day and can be accessed even by unaccredited companies,” the executive said.
Deputy Prime Minister of the Samara Oblast Government Natalya Katina remarked that there are considerable reserves for growth in agribusiness, this is why the government of the Russian region is ready to provide assistance with encouraging the region’s leading agricultural producers to use the Belarusian mercantile exchange. Doing so will accomplish three important tasks simultaneously: an increase in exchange-facilitated trade, diversification of the goods traded via the commodity exchange, and an increase in the circle of trade participants from Samara Oblast. “Capabilities of the trade platform will be very interesting for Samara Oblast agribusiness enterprises. I am talking not only about the export of agricultural products, for instance, vegetable oils, cereals, flour, extraction cakes of oil-bearing crops but also about purchases. In particular, due to the highly developed crop farming and animal husbandry industries crop protection agents and veterinary medications enjoy steady demand in our region,” she remarked.
According to BUCE, at present 66 Samara Oblast companies are accredited with the Belarusian Universal Commodity Exchange. In 2022 Samara Oblast was one of the top 10 Russian regions in terms of the sum of concluded exchange deals. Positive trends continued into 2023. An agreement on cooperation between the Belarusian Universal Commodity Exchange and the Samara Oblast Chamber of Commerce and Industry contributes to that. The chamber is now a non-resident exchange broker. Exchange-facilitated trade between Belarus and Russia’s Samara Oblast relies heavily on import of metal products to Belarusian manufacturing sector and civil engineering enterprises. Corrosion-resistant pipes, zinc-coated wire, bearings, and copper anodes enjoy the strongest demand.
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