Business news

16 Aug 2021

Belarusian commodity exchange signs MoU with EGYCOMEX

MINSK, 16 August (BelTA) - Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky and Chairman of the Board of the Egyptian Commodities Exchange (EGYCOMEX) Ibrahim Ashmawy signed a memorandum of understanding. The docuemtn was signed during an official visit of a Egyptian delegation led by Egypt’s Minister of Supply and Internal Trade Ali El-Sayed Ali El-Moselhi to Belarus, BelTA has learned.

The parties have undertaken to develop cooperation in such areas as electronic exchange trade in strategic types of commodities, to exchange experience in using the exchange mechanism in trade and procurement, to bring new commodities in demand in Belarus and Egypt to the exchange market, to engage business entities of both countries in exchange trade, to organize joint events, promote business ties between Belarusian and Egyptian companies. The parties will explore a possibility of using BUCE software products in the organization of spot exchange trading in agricultural products in Egypt.

Aleksandr Osmolovsky stressed that the visit of the Egyptian delegation was important for Belarus. “Egypt is a strong economy, one of the fastest growing on the African continent. Such meetings and contacts are important for us. We signed a memorandum of cooperation with the Egyptian Commodities Exchange, which has recently been launched in Cairo. We hope that it will help us improve our work in the Egyptian market. We also hope that we will help Egypt with our knowledge and experience. BUCE is an internationally recognized platform. We have clients in 66 countries which want to work and cooperate with us,” he said.

According to Ali El-Sayed Ali El-Moselhi, one of the priority tasks is to increase mutual trade with Belarus. “We are exploring the commodity exchange here, especially in technological terms. We are looking at possibilities to establish channels for technology and knowledge transfer, and to expand interaction between the exchanges of Belarus and Egypt,” he said.

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.